I had a very bad experience with Poli Mortgage. I ...

I had a very bad experience with Poli Mortgage. I was trying to refinance my house. I had purchased this house in Nashua, NH area in Sep-2013 for 270K.
I did a refi last year and the value of the home based on the appraisal in Jan-2015 was 310K. But I still had to pay PMI. This year I was hoping to drop off my PMI and lower my interest rate by doing another re-fi.
So I filled up initial contact form for Poli in Zillow. Judy Turtz contacted me and discussed about my situation. She told me that for PMI to drop my house should be valued at 316K.

And she assured that since the property prices are increasing in my area and my house was valued at 310K in Jan-2015, the house should be appraised for more than 316K this time.

Zillow showed the value of my home at 344K and I let her know about this too. Also I did some research around the home values around my area and found that there were 3 homes sold for more than 325K within 0.1 miles of my house.

So I was confident that my house will be appraised for more than 316K. Judy took down my credit card and charged $440 as a deposit for Credit report and Appraisal.

But the appraiser (Susan Fitzgerald from Baseline Appraisal) did a very poor job (Judy herself admitted this) with the appraisal and she came up with 284K as my home value. Please note that property values are increasing in my location (Nashua, NH, 03062). So I absolutely don't understand how my house value decrease so much (310K in Jan-2015 and 284K Feb-2016).

I talked to Judy and send her my 310K appraisal from last year, and she admitted that the appraiser did a very poor job. The appraiser missed some features of my house in her appraisal (like I have two decks and she put only one, I have an additional kitchen and bathroom in the basement but the appraiser missed that). Also the appraiser never took the houses sold within 0.1 miles of my home into consideration for the comparable.

She used comparable that are in busier roads than my house. So we did an appeal of the appraisal. This time the appraiser adjusted the value to 290K. Currently I pay 3.75% as the interest rate and my PMI is 75/month. So based on this appraisal I was not able to drop off my PMI.

I requested Judy to return my deposit back because of the poor job done by the appraiser and Judy refused to return the money suggesting she cannot do that because of their policy.

I believe this is really unfair especially because I don't see any reason why my house which was valued at 310K in Jan-2015 would lose 20K value by Feb-2016 when the property values are increasing my area.

I believe the appraiser did a very poor job with the appraisal. Poli Mortgage uses incompetent appraisers. So based on this I would never suggest going with Poli Mortgage.