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e.omaxima, Home Buyer in Kendall, FL

How can i cancel my PMI on my mortgage please detail answer .?

Asked by e.omaxima, Kendall, FL Wed Nov 13, 2013

Help the community by answering this question:


This depends on what type of loan you have and when you obtained the loan. If it's a conventional loan or some FHA loans, then PMI will end once you reach a certain portion of your payments. It is usually around 78% of the loan amount. Most recent FHA loans have mortgage insurance that lasts throughout the life of the loan. So another way you should consider getting rid of mortgage insurance is to refinance. If you would like to take this route then I recommend that you speak with a lender like myself. I would be glad to speak with you to help you get refinanced to get rid of mortgage insurance. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me. This depends on what type of loan you have and when you obtained the loan. Good luck! Brian Nguyen Sr. Mortgage Banker Phone: 949.667.2887
0 votes Thank Flag Link Mon Feb 10, 2014
It depends what type of mortgage it is.

If it is an FHA mortgage then you may not ever be able to cancel it. They just recently changed their rules for new loans this year. If you obtained an FHA loan prior to June of 2013, then your PMI should drop off automatically once the amount of your loan is paid down to 78% of the original purchase price.

If you have a conventional loan, then so long as you have had the loan for more than 2 years and not had any late payments in the last 12 months you can petition your lender to drop the PMI early (before the loan balance reaches 78% of the original price). The process would then involve obtaining a new appraisal - at your expense - and if the appraisal indicates you have at least 20% equity in your home then the lender should be receptive to dropping the PMI.

The other option would be to explore refinancing altogether into a new mortgage. If there is 20% equity or more based on the new appraisal then it's not an option for the lender to require PMI. This could also give you the added benefit of lowering your interest rate and/or payment since rates are still pretty low.

Feel free to give me a call and we can explore your options together.


Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 | Fax (248) 945-4842 | Direct (248) 728-0078

Visit our website at
0 votes Thank Flag Link Wed Nov 13, 2013
Good Afternoon,

Each lender and mortgage is different on what the procedure would be. Your first step is to contact your lender/loan servicer to see what the procedure is with them, and go from there. How they arrive at the calculations for the removal of the PMI depends on several factors, your promptness of payments, the length of time that has elapsed since you first obtained your mortgage, as well as any restrictions that may be mentioned in the language of your mortgage. The norm is that when the balance that you owe on your mortgage is less than 80% of the value of your home, many lenders will allow for the removal of the PMI. If by chance you have an FHA mortgage, the MIP stays in place for the duration of the mortgage, unless you refinance into a conventional loan. Good luck and I hope it works out.

Lila Lopez, CRS, CDPE, e-Pro
RE/MAX Advance Realty
0 votes Thank Flag Link Wed Nov 13, 2013
If you believe you have sufficient equity on the home, meaning you owe less than 80% of what the property is worth, you contact your lender and let them know that you wish for them to consider a valuation of the property in order to remove your PMI. The lender will then order an appraisal or a BPO and will notify you if they will consider the option.
0 votes Thank Flag Link Wed Nov 13, 2013
I think Yanoska have the best answer if you consider that you, the owner can do it her self...
Flag Wed Nov 13, 2013
good answer by Yanoska
Flag Wed Nov 13, 2013
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