Both paths to using that equity hinge on the appraised value at the time, and six months is probably too soon for one of them. Buying below market doesn't guarantee an appraiser will assign the higher value later; that depends on comparable sales supporting it. If the comps are there, you have two openings: - Ask your servicer to cancel PMI based on a higher current value. This usually runs into seasoning: servicers, and the agency guidelines behind them, typically want the loan a couple of years old (sometimes more) before they'll use a new appraisal to drop PMI on appreciation alone. Six months is likely too soon. Confirm the exact seasoning with your servicer, since the rule depends on the investor who owns the loan. - Refinance into a brand-new loan with no PMI, if the new appraised value puts you at or below 80% loan-to-value. That's a separate transaction with its own closing costs and rate, so it only makes sense if the new rate and the PMI savings together justify it. Given where the numbers usually land, talk to a lender before you count on either path, so you go in with realistic expectations on both the timing and the appraisal. We're happy to look at whether either one pencils for you.