Guide
Stop paying PMI once you have enough equity
Homeowners can often stop paying PMI at 80 percent loan to value, or earlier if automatic termination or midpoint final termination applies. Check eligibility in minutes.
PMI is not supposed to last forever
Private mortgage insurance protects the lender, not you. Once you have enough equity, federal law gives many conventional borrowers a path to stop paying it. Servicers do not always cancel it without a request, especially when you are using current market value.
Three off ramps
Request cancellation around 80 percent loan to value. Wait for automatic termination at 78 percent of original value. Or reach the midpoint of the loan term, when final termination applies if you are current. Any one of these can be enough.
Do not wait for the servicer to notice
Automatic termination should happen on the amortization schedule, but borrower requested cancellation based on extra principal or appreciation usually needs you to ask. A complete letter with figures and documents is the fastest way to get a decision.
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