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Removing Your Private Mortgage Insurance

Facts about private mortgage insurance (PMI) and how to cancel it.

What is private mortgage insurance (PMI)? Essentially, PMI makes up the difference between your loan amount and an 80% loan-to-value ratio. Lenders require you to have it once you go beyond this percentage. If you want to cancel your PMI, you can refinance once you have the required equity. However, this is not the ideal move in today’s market since interest rates have increased.

How else can you remove your PMI? I recently looked at a client’s online mortgage account with them, and attached to it was a link that led to a page that gave a broker price opinion on your home so you can easily check if your property has enough value to remove the PMI. We followed the link and answered the required questions. This saved the client about $100 monthly, and they didn’t need to refinance to cancel the PMI.

If you are in a situation where your home has increased in value, contact your mortgage company and inquire how you can remove your PMI. For more details on this topic, don’t hesitate to call or email me. I’ll be happy to help!

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Bought a Single Family home in 2019 in West Des Moines, IA. Tim helped my wife and I find our first home back in 2009. He got to know us and figured out what we were looking for, and he found the perfect house for us. Over the next few years he helped us buy an apartment building and two other houses, and last year when we decided to sell one of the houses  he made the selling process easy and fast. The things I like best about working with Tim are his deep understanding of both the local hou…