{"id":11729,"date":"2026-02-23T04:37:18","date_gmt":"2026-02-23T04:37:18","guid":{"rendered":"https:\/\/griffinfunding.com\/?p=11729"},"modified":"2026-02-27T21:49:16","modified_gmt":"2026-02-27T21:49:16","slug":"how-to-get-rid-of-pmi","status":"publish","type":"post","link":"https:\/\/griffinfunding.com\/blog\/mortgage\/how-to-get-rid-of-pmi\/","title":{"rendered":"How to Get Rid of PMI"},"content":{"rendered":"<style>.featuredImage{display:none;}<\/style>\n<h2><span style=\"font-weight: 400;\">What Is PMI and Why Do Lenders Require It?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Private mortgage insurance is a monthly fee added to your mortgage payment when your loan-to-value ratio (LTV) exceeds 80%. Your LTV is simply the percentage of your home\u2019s value that you\u2019re borrowing. Lenders require PMI on conventional loans with down payments lower than 20% because these borrowers represent a higher risk.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">PMI only applies to <\/span><a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/conventional-loans\/\"><span style=\"font-weight: 400;\">conventional loans<\/span><\/a><span style=\"font-weight: 400;\">. There\u2019s no <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/va-loans\/do-va-loans-have-mortgage-insurance\/\"><span style=\"font-weight: 400;\">PMI on VA loans<\/span><\/a><span style=\"font-weight: 400;\">, though veterans do pay a one-time funding fee instead. Meanwhile, FHA loans use a mortgage insurance premium (MIP) rather than PMI, which works differently and is harder to remove. Additionally, <\/span><a href=\"https:\/\/griffinfunding.com\/non-qm-mortgages\/\"><span style=\"font-weight: 400;\">non-qualified mortgages<\/span><\/a><span style=\"font-weight: 400;\"> typically don\u2019t come with a PMI requirement.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">PMI protects the lender, not the borrower. You pay the premium, but the insurance company compensates the lender if you default.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Average PMI costs can range from 0.5% to 1.5% of your loan amount annually. Lenders then <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/uncategorized\/how-to-calculate-pmi\/\"><span style=\"font-weight: 400;\">calculate PMI<\/span><\/a><span style=\"font-weight: 400;\"> by multiplying your loan amount by that rate and dividing it by twelve. On a $300,000 mortgage, that\u2019s $125 to $375 monthly. Learning how to get rid of PMI should be a priority once you\u2019re eligible.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Use our <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/down-payment-calculator\/\"><span style=\"font-weight: 400;\">down payment calculator<\/span><\/a><span style=\"font-weight: 400;\"> to see how different down payments affect your purchasing power and monthly costs. Remember, putting down less than 20% means you\u2019ll pay PMI until you build enough equity.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How PMI Works on Different Types of Mortgages\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Understanding how PMI applies to your specific loan type helps you plan the right removal strategy.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Conventional Loans and PMI<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Again, PMI only applies to conventional loans, but only if a borrower makes a down payment of less than 20% of the property\u2019s purchase price. You\u2019ll encounter two types:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Borrower-paid PMI: <\/b><span style=\"font-weight: 400;\">You pay a monthly premium that can be canceled once you meet equity requirements.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Lender-paid PMI: <\/b><span style=\"font-weight: 400;\">Your lender covers the insurance cost in exchange for a slightly higher interest rate that stays for the life of your loan unless you refinance.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">FHA Loans and Mortgage Insurance<\/span><\/h3>\n<p><a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/fha-loans\/\"><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-11733\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image1-4.png\" alt=\"\" width=\"1999\" height=\"848\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image1-4.png 1999w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image1-4-300x127.png 300w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image1-4-1024x434.png 1024w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image1-4-768x326.png 768w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image1-4-1536x652.png 1536w\" sizes=\"auto, (max-width: 1999px) 100vw, 1999px\" \/>FHA loans<\/span><\/a><span style=\"font-weight: 400;\"> require mortgage insurance premiums (MIPs) regardless of your down payment size. All FHA borrowers pay both an upfront MIP of 1.75% of the loan amount at closing and an annual MIP that\u2019s divided into monthly payments.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The removal rules depend on your down payment. If you put down less than 10%, MIP stays for the entire life of your loan. If you put down 10% or more, the lender can remove MIP after 11 years of regular payments.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The main difference between <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/pmi-vs-mip\/\"><span style=\"font-weight: 400;\">PMI vs. MIP<\/span><\/a><span style=\"font-weight: 400;\"> is that MIP cannot be removed early through home appreciation or equity building. The only way to eliminate MIP before the 11-year mark or if you made a down payment of less than 10% is to refinance into a conventional loan.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How to Get Rid of PMI on a Mortgage<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">You have multiple paths to PMI removal, and the best option depends on your financial situation and timeline. Your options for removing PMI include:<\/span><\/p>\n<h3><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-11730\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image3-3.png\" alt=\"\" width=\"1999\" height=\"759\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image3-3.png 1999w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image3-3-300x114.png 300w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image3-3-1024x389.png 1024w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image3-3-768x292.png 768w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image3-3-1536x583.png 1536w\" sizes=\"auto, (max-width: 1999px) 100vw, 1999px\" \/>1. Reach 20% Equity Through Mortgage Payments\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Federal law under the <\/span><a href=\"https:\/\/www.consumerfinance.gov\/compliance\/supervision-examinations\/homeowners-protection-act-hpa-or-pmi-cancellation-act-examination-procedures\/\"><span style=\"font-weight: 400;\">Homeowners Protection Act of 1998<\/span><\/a><span style=\"font-weight: 400;\"> requires lenders to automatically cancel PMI when your loan balance reaches 78% of the property\u2019s original purchase price. This happens without any action on your part as long as you\u2019re current on your payments.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can also request PMI removal once you hit 80% loan-to-value ratio. The Homeowners Protection Act PMI cancellation rights give you legal backing to remove insurance once you\u2019ve met equity thresholds, though lenders can add conditions like good payment history.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2. Request PMI Removal Early\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">You don\u2019t have to wait for automatic PMI cancellation. Once you\u2019ve built 20% equity in your home based on the purchase price, you can ask your lender how to get PMI removed. This means your remaining loan balance needs to be at or below 80% of what you originally paid for the property.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Contact your servicer in writing to start the process. Here\u2019s what lenders typically require:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Payment history verification: <\/b><span style=\"font-weight: 400;\">You\u2019ll need a solid track record with no late payments in the past 12 months. Most lenders may not approve PMI removal if you\u2019ve had any 30-day late payments recently.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Current loan balance confirmation: <\/b><span style=\"font-weight: 400;\">Your lender verifies that your remaining mortgage balance is at or below 80% of the original property value using either the sales price or appraised value from the purchase.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Seasoning requirements: <\/b><span style=\"font-weight: 400;\">Many lenders impose waiting periods, typically requiring at least two years of payments before considering early PMI removal requests, though some accept removal after just 12 months.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">3. Use Home Appreciation to Remove PMI<\/span><\/h3>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-11732\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image5-2.jpg\" alt=\"A borrower and lender calculating home appreciation at an office desk.\" width=\"1999\" height=\"1333\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image5-2.jpg 1999w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image5-2-300x200.jpg 300w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image5-2-1024x683.jpg 1024w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image5-2-768x512.jpg 768w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image5-2-1536x1024.jpg 1536w\" sizes=\"auto, (max-width: 1999px) 100vw, 1999px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rising home values create equity without extra principal payments. If your neighborhood has seen significant appreciation, ordering a new appraisal can prove you\u2019ve crossed the 20% equity threshold.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lender requirements for appraisal-based PMI removal vary, but most follow similar guidelines. You\u2019ll pay for the appraisal yourself. The property must be in good condition, and some lenders require a minimum payment period, often 24 months, before considering appreciation-based removal.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">4. Refinance to Eliminate PMI\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Refinancing into a new loan can eliminate PMI if you\u2019ve built enough equity through home appreciation or principal paydown. <\/span><a href=\"https:\/\/griffinfunding.com\/mortgage-solutions\/mortgage-refinance\/\"><span style=\"font-weight: 400;\">Refinance your mortgage<\/span><\/a><span style=\"font-weight: 400;\"> when your home value has increased enough to put you above 20% equity (80% LTV). When comparing a home loan refinance vs. a new appraisal to remove PMI, consider what each option offers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A refinance replaces your entire loan with a new mortgage. You\u2019ll pay closing costs, but you also get the chance to secure a lower interest rate if rates have dropped since you bought your home. This means you can eliminate PMI and potentially reduce your monthly payment through a better rate.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">5. Make a Lump-Sum Principal Payment\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Paying down your mortgage principal to remove PMI faster gives you control over the timeline. If you get a bonus, tax refund, inheritance, or other windfall, applying it directly to your mortgage principal can push you past the 80% LTV threshold.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Calculate exactly how much you need to reach 80% LTV, then make a single large payment. For example, if you owe $240,000 on a home worth $300,000, you\u2019re at 80% LTV and eligible for PMI removal. If you owe $250,000, you\u2019d need to pay down $10,000 to hit that threshold.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This strategy works best when you\u2019re close to the 20% equity mark and have cash available that isn\u2019t needed for emergencies or higher-interest debt. If you\u2019re carrying credit card balances at 18% or 20%, pay those off first since the interest savings will exceed what you\u2019d save on PMI. But if your only other debts are low-interest car loans or student loans, eliminating PMI immediately can free up hundreds of dollars monthly.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How Long Does It Take to Get PMI Removed?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The timeline to get PMI removed varies based on which method you choose and how quickly you build equity. Automatic cancellation happens when your loan balance is 78% of the original value through scheduled payments. For a 30-year mortgage with 5% down, this typically takes 10 to 11 years. Requesting PMI removal at 80% LTV speeds up the timeline by about a year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Several factors affect how quickly you can remove PMI:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Loan-to-value ratio:<\/b><span style=\"font-weight: 400;\"> Your starting down payment determines how much equity you need to build. A 5% down payment requires more time to reach 20% equity than a 10% or 15% down payment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Home value changes: <\/b><span style=\"font-weight: 400;\">Markets with strong appreciation help you build equity faster through rising property values, while stagnant markets slow the process.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Extra principal payments: <\/b><span style=\"font-weight: 400;\">Additional payments beyond your required monthly amount directly reduce your loan balance and accelerate equity growth.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">PMI Removal Rules to Know\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-11731\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image4-4.jpg\" alt=\"A couple sitting in their lender\u2019s office reviews a mortgage contract.\u00a0\" width=\"1999\" height=\"1348\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image4-4.jpg 1999w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image4-4-300x202.jpg 300w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image4-4-1024x691.jpg 1024w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image4-4-768x518.jpg 768w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2026\/02\/image4-4-1536x1036.jpg 1536w\" sizes=\"auto, (max-width: 1999px) 100vw, 1999px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Federal and lender-specific rules govern when and how you can cancel private mortgage insurance. A few rules to know are:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Federal PMI cancellation laws: <\/b><span style=\"font-weight: 400;\">The Homeowners Protection Act requires automatic PMI termination when your loan balance reaches 78% of the original property value. You have the right to request removal at 80% LTV if you\u2019re current on payments.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Lender-specific overlays: <\/b><span style=\"font-weight: 400;\">Some lenders require a minimum number of payments before considering PMI removal requests or mandate specific payment history standards.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Seasoning and appraisal requirements: <\/b><span style=\"font-weight: 400;\">Lenders commonly require a 12-to-24-month waiting period before accepting PMI removal requests based on appreciation. When you need an appraisal, expect to pay for it yourself.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Common Mistakes That Delay PMI Removal\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Borrowers often make avoidable errors that postpone PMI cancellation. These mistakes include:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Assuming PMI drops automatically at 20%: <\/b><span style=\"font-weight: 400;\">PMI doesn\u2019t automatically drop when you hit 20% equity. You must request removal at 80% LTV or wait until 78% LTV for automatic cancellation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Confusing FHA MIP with PMI: <\/b><span style=\"font-weight: 400;\">FHA mortgage insurance follows different rules and generally can\u2019t be removed without refinancing. Many borrowers assume their FHA MIP will drop like conventional PMI.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Not tracking home value increases: <\/b><span style=\"font-weight: 400;\">Failing to track your home\u2019s value means you might miss opportunities to request early PMI removal when appreciation pushes you past 20% equity.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Missing lender communication: <\/b><span style=\"font-weight: 400;\">Delayed responses to lender notices about PMI cancellation eligibility can extend the timeline and keep you paying unnecessary premiums.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Explore PMI Removal Options\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">At Griffin Funding, we help homeowners eliminate PMI and reduce their monthly mortgage costs. Whether you\u2019ve built equity through regular payments, benefited from home appreciation, or want to explore refinancing options, our loan experts can guide you through the PMI removal process.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We also offer <\/span><a href=\"https:\/\/griffinfunding.com\/mortgage-solutions\/home-loan-without-pmi\/\"><span style=\"font-weight: 400;\">no PMI mortgage<\/span><\/a><span style=\"font-weight: 400;\"> programs for borrowers who want to avoid this expense from the start. Track your mortgage payments and monitor your equity growth through the <\/span><a href=\"https:\/\/gold.griffinfunding.com\/pfm\/registration\/invite?key=1c204fd9-839b-4775-aed1-9844766b60a6\"><span style=\"font-weight: 400;\">Griffin Gold app<\/span><\/a><span style=\"font-weight: 400;\"> to stay on top of your PMI removal timeline.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What Is PMI and Why Do Lenders Require It? Private mortgage insurance is a monthly fee added to your mortgage payment when your loan-to-value ratio (LTV) exceeds 80%. Your LTV is simply the percentage of your home\u2019s value that you\u2019re borrowing. Lenders require PMI on conventional loans with down payments lower than 20% because these<a class=\"moretag\" href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/how-to-get-rid-of-pmi\/\">&#8230;<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[100],"tags":[],"class_list":["post-11729","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How to Get Rid of PMI: 5 PMI Removal Strategies | Griffin Funding<\/title>\n<meta name=\"description\" content=\"Learn how to get rid of PMI on your mortgage, including PMI removal rules, refinance options, and faster ways to 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