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How can I get my PMI Cancelled early?

You can request PMI cancellation before it automatically terminates when the principal loan balance docHubes 80% of the homes original value (the date youre expected to docHub 80% should be listed on your PMI disclosure form or provided by your lender).

Is it a good idea to cancel PMI?

You have to wait to cancel PMI because the extra cost is meant to protect the lender until youve gained more equity in your home. PMI is for the lenders benefit and it will not help you in the event of foreclosure.

Can I request PMI cancellation?

If youve owned the home for at least five years, and your loan balance is no more than 80 percent of the new valuation, you can ask for PMI cancellation. If youve owned the home for at least two years, your remaining mortgage balance must be no greater than 75 percent.

Under what three circumstances can PMI be Cancelled or terminated?

There are three cancellation situations: automatic, by request, or final termination. In all cases, the propertys original value refers to the appraised value of the home, at the time of the current loan origination.

Can a lender refuse to cancel PMI?

Some lenders refuse PMI termination requests based on rising property values (i.e., a new appraisal) because the contract stipulates that ONLY the original appraised value of the property can ever be considered.

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