• A 1998 federal law requires lenders to remove your pmi once you have 20% equity in your home.  View law (pdf document).

• To remove your private mortgage insurance you may need an appraisal by a state certified appraiser.  Recent improvements and market appreciation since purchasing your home will be reflected in the report.

Frequently Asked Questions

What steps are necessary to remove my mortgage insurance?

If you have FHA financing, please go to the HUD website to determine if your loan is eligible for PMI removal.

For conventional financing, take the following steps:

• Contact your lender to verify that you are paying mortgage insurance. Get their specific requirements for removal, then confirm that you qualify.  Most lenders will require an appraisal by a state certified or licensed appraiser.

• Contact an appraiser. Verify that they meet your lenders experience and licensing requirements.

• Send the report to your lender and confirm pmi removal.

How much does an appraisal cost?

Appraisal fees vary depending upon your location and the size of your home. A typical residential appraisal costs $300 - $400. Visit our fees page for current pricing.

How much can I save?

Contact your lender for the specific amount. PMI rates typically vary between $0.35 - $0.80 per $100 (based upon your loan amount). Use the PMI calculator below to estimate your savings.