PMI protects the lender, not you.
Conventional loans usually require it with less than 20% equity.
PMI protects the lender, and it’s usually required with less than 20% equity.
Ways PMI comes off
- Ask to cancel at 80% of the original value
- It ends automatically at 78% on schedule
- Refinance once your home’s value has risen
You can ask to cancel it, wait for it to end, or refinance.
Example
| Home value now | $450,000 | |
|---|---|---|
| Loan balance | $330,000 | |
| Your equity | 27% | No PMI needed at 20% or more |
If your home has gained value, you may already have more than 20% equity.
One refinance can do two things.
Drop PMI and lock in a new rate in the same loan.
A refinance can drop PMI and lock a new rate at the same time.
ZERO Closing Costs
And with ZERO Closing Costs (restrictions apply), there are no fees to earn back. See Offer details.
