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Are you ready to get rid of PMI? Private mortgage insurance can add hundreds of dollars to a mortgage payment. Here's how to remove PMI payments.

There are various ways to get rid of PMI, a.k.a., private mortgage insurance. A reader posted this question on Facebook:

“Anyone have experience with getting a new appraisal done in order to remove PMI? We bought our house in 2012, have 87% LTV at the purchase price. I THINK the value has gone up enough that we’re actually at 75%, but not sure. Any suggestions on ensuring that we are there before I spend the money on the appraisal? I’m cool with accelerating a few home projects to ensure it but not sure that those would do it. Removing PMI would cost ~$450 for the appraisal but would save me about $9k from now until it drops off automatically.

The writer of the Facebook question is pointing toward one of several possibilities for getting rid of PMI. But before we get into that, what is PMI?

What is PMI and How Does it Work?

PMI is is a form of insurance that mortgage lenders use to reduce the risk of loss on low down payment mortgages. Lenders typically require it on mortgages for more than 80% of a home’s value. Basically, PMI will get the bank some of its money back if you default on your loan. PMI doesn’t cover the entire value of the mortgage, of course. If you default and go into foreclosure, the sale of the home covers a portion of the bank’s losses. But PMI can make up for the rest.

As an example, if a buyer puts 5% down on a home, the lender will require a level of PMI that reduces that mortgage to something less than 80% of the home’s value. On a 95% mortgage, the lender will typically require “30% coverage.” That will reduce the lender’s exposure on the property from 95% down to around 68% (95% less [95% X 30%]).

How Much Does PMI Cost?

PMI means lenders are more likely to offer low down payment, high-ratio mortgage loans. That’s good news if you need to buy a home with anything less than 20% down.

But PMI is also expensive. For instance, we’ll use this calculator to run one example number. On a $190,000 mortgage at 3.9% with a home value of $200,000, a borrower with fair credit could expect to pay $138 per month in PMI.

That’s $1,656 per year!

Clearly, the more quickly you can make that payment go away, the better.

Ways to Get Rid of PMI

On most loans, you actually have to have the ability, as the buyer, to get rid of PMI. This right came as a result of the Homeowner’s Protection Act which was passed into law back in 1998. However, these rules don’t apply to all mortgages, including those backed by the Federal Housing Administration (FHA). Don’t worry, though. You can still get rid of PMI on an FHA loan. It’s just a bit more complicated. We’ll talk about that in a bit.

You can get rid of PMI in one of several ways. The Facebook question-writer asks about just one of the ways to remove PMI. This option is using an appraisal to show that the mortgage is now worth 80% or less of the home’s current value.

But before we get into the specifics of how to determine the current value of your home before spending the money for an appraisal, let’s review the different ways that you can have PMI removed from your mortgage.

Pay Down Your Mortgage

One way to get rid of PMI is to simply take the purchase price of the home and multiply it by 80%. Then pay your mortgage down to that amount. So if you paid $250,000 for the home, 80% of that value is $200,000. Once you pay the loan down to $200,000, you can have the PMI removed.

According to the Consumer Financial Protection Bureau (CFPB), you must also meet the following conditions in order to have your PMI removed:

  • Your request must be in writing.
  • You must have a good payment history and be current on your payments.
  • Your lender may require you to certify that there are no junior liens (such as a second mortgage) on your home.
  • Your lender can also require you to provide evidence (for example, an appraisal) that the value of your property has not declined below the value of the home when you first bought it. If the value of your home has decreased, you may not be able to cancel PMI.

Because of that last provision, you may want to check property values in your area before applying to have PMI removed. If they’ve taken a downturn since you purchased your home, the lender may require an appraisal. Often, this is worth your while and the cost. But it’s best to be prepared.

Pay the Mortgage Down to 78% of the Purchase Price

Because of the Homeowners Protection Act, PMI now has a default setting This is a level at which it a lender must cancel it automatically. The mortgage servicer is required to drop your PMI coverage when the outstanding balance of your mortgage drops to 78% of the original value of your home.

If the original purchase price on the house was $200,000, your lender must cancel PMI when your outstanding loan amount drops to $156,000. This is 78% of $200,000.

This should happen even if you do nothing in an attempt to remove the PMI. You must, however, be current on your mortgage at the time this happens. Otherwise the  lender is not required to remove the coverage.

Pay the Mortgage Down to the Midpoint of the Term

This is another automatic PMI elimination process. Even if the amount of the outstanding mortgage does not fall to the 78% level, the lender is still required to remove PMI when at least half of the mortgage term has elapsed. On a 30-year mortgage, for example, PMI must be removed 15 years into the loan. This is true even if the mortgage balance exceeds 78% of the original purchase price of the house.

Typically, the mortgage balance is paid to something less than 78% before the halfway mark, at least on self-amortizing loans. However, if you have an alternative mortgage, such as a balloon type, or an interest-only loan, you may not reach 78% even halfway through the term. But the lender still required to automatically remove the PMI. Again, though, this will only occur automatically if you are up-to-date on your mortgage payments.

Refinance the Mortgage

If you are planning to refinance your mortgage to take advantage of a lower interest rate, you may be able to have PMI removed. This will work if your new mortgage is for 80% or less of the home’s current appraised value.

You’ll most likely need an appraisal to refinance your mortgage, anyway. However, you’ll use the appraisal as the basis of your new mortgage, instead of just for eliminating PMI. It’s kind of a two-birds-one-stone situation. But it will only work if refinancing makes sense in the first place. And, of course, you’ll need to be sure your new mortgage is for 80% or less of the home’s current value.

Refinancing is the only option for getting rid of PMI on most government-backed loans, such as FHA loans. You’ll have to refinance from a government-backed loan to a conventional mortgage to get rid of PMI. And the rule for the new mortgage’s value compared to your home’s value still holds true.

Prove that the Value of Your Home Has Risen

The final option for having your PMI canceled is to prove that the outstanding balance on your mortgage is 80% or less of the current value of your home. This can happen because of increasing property values, rather than because you paid your mortgage down.

However, you’ll have to put in some work here. First, you may want to get a feel for property values. Talk to a local realtor or do some digging online to see if your hunch about increased property values is correct.

Then, contact your mortgage lender to get the appropriate paperwork for removing the PMI. Be sure you’re following a checklist of lender requirements as you complete the process.

With this option, you’ll definitely have to get an appraisal that proves your property is now worth more. Check with the lender about what must be included in the appraisal before having one done. And be prepared to shell out a few hundred bucks to the professional appraiser.

Also, double-check with your lender if you’ve bought your home within the past two years. Some lenders require at least two years’ worth of on-time payments before they’ll remove PMI. Don’t pay for an appraisal before you confirm your lender’s requirements.

Check if Property Values Have Increased

As I said, it’s a good idea to check property values before you order an appraisal. You can do this in a few different ways. Here are some options to try:

What if you can demonstrate that the value of the property is sufficient to lower the mortgage value to 80% or less of the home’s current value, and the lender refuses to cooperate? Then file a complaint online with the Consumer Financial Protection Bureau (CFPB). This is a US government agency that will forward your complaint to the mortgage lender, and then work to get a response.

Have you had PMI removed from your mortgage, or are you planning to in the near future? Have you used any of these methods? Share your experience!

Next Steps

Author Bio

Total Articles: 135
Since 2009, Kevin Mercadante has been sharing his journey from a washed-up mortgage loan officer emerging from the Financial Meltdown as a contract/self-employed “slash worker” – accountant/blogger/freelance blog writer – on OutofYourRut.com. He offers career strategies, from dealing with under-employment to transitioning into self-employment, and provides “Alt-retirement strategies” for the vast majority who won’t retire to the beach as millionaires.

Article comments

Money Beagle says:

I’ve had two mortgages and two refinances and have never paid a penny of PMI. Putting at least 20% down is the single best strategy to avoid PMI. But, if you can’t afford that down payment, then you definitely want to work to get rid of it ASAP.

gary9696 says:

A VA mortgage is a good loan without having to pay any PMI or down payment I would never advise anyone to refinance a VA loan with a conventional loan.

John says:

Wait, so unless I refinance with a conventional mortgage, I must pay my dreaded monthly $258 PMI for as long (ALL the way up to 30 yrs) as I have my FHA mortgage? I’m four years in…

If I can make at least a 20% down payment (conventional), then I’d better get crackin and refinance while rates are still low, yes?

Aaron says:

John – it depends on when you got your loan, and how much you put down when you bought the house.

If you got your loan before June 3, 2013, then you just need to pay the loan down to 80% and you are eligible to have the insurance canceled.

If you got your loan after that date, then it comes down to how much you put down on your house (the law changed!) –

When you got your loan, if you put less than 10% down, you will have to pay mortgage insurance for the life of the loan.

If you put more than 10% down, then you will have to pay mortgage insurance for 11 years.

You can check out some more info here – http://www.fha.com/fha_requirements_mortgage_insurance

But yea… if your home has appreciated, and you’re stuck paying mortgage insurance, a refinance into a conventional loan might be a great option!

Scott says:

What if you get a conventional with PMI….and as soon as you sell your other property refinance. I want to do that just after my condo sells. We would have the new loan for a house maybe a month. How soon can you refinance use the money from your sold property and get rid of the PMI. Or do you take that money and make it so your property is 78% down. I like to have money to fix up the house and doing this whole 78% would kill that I feel

Scott says:

You can refinance a conventional loan as early as 6 months into the loan.

James says:

I have an FHA loan. I owe 213k and originally financed 224k. My house now appraises at 325k. How can I get rid of the PMI?

Stephanie Colestock says:


Since you have an FHA loan, you’ll actually need to do a complete refi into a conventional loan, in order to get rid of the PMI. Of course, the refi will be an added cost — however, between the monthly PMI savings and a potentially-lower interest rate, it may be well worth your time and effort to look into soon.

Best, Stephanie

Bonnie says:

I purchased my home in September 2015. I am in process of refinancing but haven’t signed everything yet or paid for the appraisal because I’m a little nervous to bring my loan up 10k more. The lender is saying my payment will be $250 less. My PMI is $120. Is it too risky, or is it worth it? We also may want to sell the house in a few years, so that makes me wonder if we should not go through with it. Would love some advice! Thanks

Rob Berger says:

Bonnie, why will your loan amount increase by 10k? What is your current interest rate and term, and what will your new interest and term be?

Lisa says:

I bought my home in July 2016 for $217k, 10% down conventional loan at 3.78% Home comps in my subdivision are now at $235-238K. Is it possible to get rid of PMI having less than 24 payments but more than 6, or will a re-fi up our interest rate?

Jay says:

I am literally closing on a home purchase in two weeks. We put 15% down on a conventional loan, and were expecting to pay PMI. However, the home appraisal report shows we have a lot of built-in equity – enough to just push the LTV (79%) ratio out of PMI territory. I brought this up to my lender and he said that unfortunately the LTV is based on the lower purchase price ($490K), not the appraisal report ($525K), and so we’ll still need to pay PMI.

Is he correct? Does this sounds right?

Rob Berger says:

Jay, it does sound correct. In my experience, they base it on the purchase price at the time of sale.

Jay. says:

I suppose you’ll have to bite the bullet and pay the PMI for 6 months and try to have it refinanced with a new appraisal provided if the LTV option is still valid.

Akuma says:

I purchased my home in March 2010 $255k (FHA) @ 4.75%. I currently owe $220k. The value of the property has increased to $320K. I don’t believe in refi (unless it’s detrimental that I do so) due to the bogus closing costs associated. How can I get rid of PMI?

Jim Lynch says:

With FHA loans, refinancing is your only option. Weigh the closing costs against the savings. If the savings is greater, you are winning.

Denise says:

What is the deal with removing PMI after a refinance? We originally purchased our home for $190k and now owe just under $151k. By my calculations, we are eligible to have PMI eliminated, based on the original purchase price. However, we refinanced a few years ago at about $176k, and the mortgage company claims the amount of the loan upon refinancing is the figure they use to calculate whether PMI can be eliminated. Is this correct, or should the original purchase price be used?

Tracey says:

This is exactly what I am trying to find out; have you gotten an answer to this yet?

Sheila says:

My understanding is that the requirement for PMI is based upon the relationship between what you currently owe (current mortgage) divided by your current property value. If that relationship is less than 80% (or some people are saying mortgage companies may require it to be at 78%), then you may be able to drop the PMI. Example: If you currently owe $200,000 on your mortgage but your property value is now $250,000 that would be an 80% loan to value ratio. I also didn’t realize that they may require an actual appraisal to be completed vs a realtor market analysis.

John says:

My town raised my home’s assessed value such that, based on that figure, we’ve surpassed the 78% point (our mortgage value is about 75% now). However, based on the home’s value when we bought it in 2013, it’s at 88%. Will the lender accept the assessed value and remove my PMI?

Daniel says:

Your lender will probably require that you use their appraiser, that way they know it’s not your buddy Joe doing you a favor. Unfortunately their appraisers are usually more pricey than the local guy.

Megan Wild says:

Great advice, Kevin! PMI is tough to navigate, especially in hot housing markets. But not having that extra expense can be huge for homeowners. Thanks!

Paul says:

I purchased my home in 2015 for 165 my loan was for 160,,, but I’ve been making extra payments… And the PMI was 145 a month… Did not understand that ( I thought that was high my first house )the house is now worth 250 hands down three just sold in my complex which are identical how do I get this freaking PMI off… I’ve talk to the lender and they will not budge

Rick says:


chris says:

I know that for me refinancing would cost me much more than the PMI, as the rate has gone up .3 since I got my loan, and would end up being 70k more at least by the end of the loan.

However, if rates are lower then when you bought it, then you will be in a better position on both accounts.

Cnjwatkins says:

I have called my mortgage company about getting my pmi dropped. The said I qualify if I get an appraisal, but they sad I had to use their appraiser. One their appraisal is $650 versus local $ 400 and two it seems unethical for them to dictate who I pay to get the appraisal done. Is this legal?

Eric says:

I am curious on the answer to this one too. we are still within the first 2 years but have paid down the balance to below 78% thinking it should drop automatically as we were told and it was worth it to do that as opposed to a vacation or other items. I checked the next statement and it hadn’t so asked the lender why. the lender came back and said no you still need an appraisal, estimated at 400 but came back to say it is now 600 as the market is saturated. Is there another milestone at 2 years where the appraisal would not be required? strictly looking at costs it would then be cheaper to wait 5 months. i feel like all the answers they are giving me are rather dodgy though and am slightly concerned their appraiser will be ultra conservative. If the appraised value is anything less, even $1000, do they have the right to refuse? Overall though why would the PMI not drop automatically at 78%, the rules seem to leave it up to lender discretion somehow but I would love a specific rule arguing it must be dropped.

Jack says:

Eric, agreed with you. Just called my mortgage company and agent was extremely evasive when replying to my question about PMI falling off our loan. It wasn’t until I kept pressing that he disclosed anything close to specific details. I called him out on it too, and he got very snippy. From what I gather, it can depend on the type of loan as well as the lender itself. As far as the 2 year milestone, I’m told that the lender won’t recognize a new appraisal if the last one has been completed under 2 years. Also (and this still seems very murky) depending on the lender, you have to be at least 2 years past the loan origination date before PMI will fall off (the agent I was speaking with told me our lender’s rule was 5 years from origination date – I need to refer back to closing docs to find where it states that). I’m in a situation where a new appraisal would most definitely put us below 80% LTV but seems like there’s some other strings attached where lender would still weasel their way around it. Seems like such a racket! -Jack

Chris says:

What if you can demonstrate that the value of the property is sufficient to lower the mortgage value to 80% or less of the home’s current value, and the lender refuses to cooperate? Then file a complaint online with the Consumer Financial Protection Bureau (CFPB). This is a US government agency that will forward your complaint to the mortgage lender, and then work to get a response.

Vivian says:

Is yours a conventional loan or FHA loan? We need to differentiate when we discuss because the PMI rules are different for FHA. Easier with conventional to drop when you get to 80% but I hear FHA now requires 5 years or refinance at <80% LTV

Chris says:

What if you can demonstrate that the value of the property is sufficient to lower the mortgage value to 80% or less of the home’s current value, and the lender refuses to cooperate? Then file a complaint online with the Consumer Financial Protection Bureau (CFPB). This is a US government agency that will forward your complaint to the mortgage lender, and then work to get a response.

Chris says:

What if you can demonstrate that the value of the property is sufficient to lower the mortgage value to 80% or less of the home’s current value, and the lender refuses to cooperate? Then file a complaint online with the Consumer Financial Protection Bureau (CFPB). This is a US government agency that will forward your complaint to the mortgage lender, and then work to get a response.

April says:

Hi! Mortgage companies order the appraisal for you.

peter says:


I am debating if I want to refinance my home. Purchased it back in 2012 at $237,000. My loan balance is now at $210,000/ FHA at 3.75%. My home is now worth $ 390,000 to $400,000 and I am not sure if I want to refinance my home to 30 year to get rid of the PMI. But I was thinking the money i am saving on the PMI and pay that towards the principle. What do you guys think? Is it worth it refinancing my home back to 30 years or continue pay PMI for another 5 years? Please advise! thank you!

Emily says:

Hey Peter, did you ever get a response if you should refinance? I’m in the same vote.

Ron says:

There are lenders out there that will refinance using any loan term so you do not have to stretch back out to a 30 year term. Check on the fees/costs associated with both options to see what makes the most sense for you.

Edge says:

Bought my first house with conventional for 244k after 1.5 later y was able to get rid off my PIM.. on my own,I have to send a letter in writing,because my lenders “home officer” told me i have to wait 2 years, form the loan origination.
All I did was cutting down my principal, I just paid less than $200 for the home evaluation.

tara says:

Can you say more about the steps you took to do this, if your property taxes went up and if you had to have a traditional appraisal or if county record listing value at enought to be at 78-80% is enough?

Adam says:

I just had my house appraised in order to get rid of pmi because my houses value went up and we did some rennovations. I’ve told several people about it including my accountant and everyone has warned me that this might cause my property taxes to go up. If this happens I was most likely be paying more than I am saving. Is their truth to this?

Anela says:

Not at all! The appraisal you had is between you and the bank! Banks do not share that information with your county!

BG says:

If your renovations required a permit they will probably increase your taxes anyway. If you didn’t get permits and they were required it may be a problem when you go to sell.

Patty says:

We have a mortgage we took out in 2003, and the lender still will not remove the PMI. We have requested in writing, quoting the dates from our loan documents, when it would be removed (2012) and they still send us form letters saying we must get an appraisal. Called one more time today (to follow up on the letters), and they said they would get back to us in 48 hours. If there is no resolution, will file a complaint with CFPB.

JB says:

They want proof of the value of the house. Pay for an appraisal.

Yaima says:

I just called the bank my outstanding balance is 232k how come they are telling me the appraisal has to come for 309k? my calculation is 288k I don’t understand

Cooo says:

They seem to be using 75% LTV, your calculation was 80.5%
I’m sure there’s some rounding, etc. No clue why they’d require 75% LTV, I’d clarify with them

RedmondWA says:

Citibank sold the Servicing our loan to CENLAR, who’s also requiring 75% LTV and an $800 appraisal for mi removal to be considered. We’re paying taxes based on the county assessed value which brings the LTV to below 73%. There policy is that they don’t use county assessments in place of an appraisal. Also, there was a recent escrow adjustment made. They had sent 2 mortgage payments back because they didn’t quite cover the escrow shortage. The payments are made electronically, so the funds left our account. They mailed the amounts back to us in a form of checks. It was discovered just after the 30 days on the first check. It was a long drawn out process with lack of common sense and the ability for them to work with us to make it right; kept being told “it’s their policy” and would need to research what can be done. It took weeks of lack of follow through on their part; even received a notice of foreclosure process to begin after all the phone calls and emails of intent to fix their error. At any rate, in the end llate fees were waived and the payments applied, but I think there will still be a 30 day late reflected, which then voids the ability to remove pmi until timely payments have been made for 12 MOS. I am still dumbfounded by the entire fiascal and the fact they wouldn’t at least apply the pmts and follow up on the miniscule escrow shortage. Not sure what can be done, but we’ve written the CFPB and other agencies.

Victoria says:

Funny, the exact same thing happened to me with CENLAR. They contacted me 1DAY too late for me to correct my payment. I had zero late payments to anyone, and was unaware my escrow had slightly increased.

Tiffany says:

My mortgage company will allow us to get an appraisal (quoted $600 to $1000) to possibly remove the PMI. We bought in april 2015 for $379k, our balance right now is $343K. On Zillow and other sites are house is worth $470k, We didn’t get a FHA and our rate is 3.84%. IN addition, we have an unfinished 2nd floor we wanted to get a home equity loan to finance. So if I do the appraisal through our mortgage company to remove the PMI, can I then use the appraisal for the home equity loan at another bank? Am I allowed to get a home equity loan (through someone else) if I got the PMI removed because the value went up? Or should we refinance with a construction loan?

Patty says:

My loan was just sold to Chase – I called and asked about removing PMI. They said I had to pay them for an appraisal – $900. The typical appraisal cost in my area is $400 – am I required to pay them for the appraisal? Why isn’t a regular appraisal acceptable?

Phyllis says:

I’m pretty sure you can pay someone for the appraisal. I’m trying to get my PMI removed. I was told that I would pay for the appraisal but I could call someone to do it. I would ask if you legally HAVE TO HAVE their appraiser. Good luck

Melissa says:

I work for Chase, they won’t allow another appraiser to do it unfortunately. Also, that’s a very high quote for an appraisal from us. Most do typically cost between $300-$500.

Andy says:

If I request appraisal, will my house tax increase based on appraised value? My home value was 420k when we bought 4 yrs back.. now 520K. I am trying to remove PMI by doing appraisal, but bit worried that it may increase my property tax.

Austin says:

Depends where you are, but I know in CA the property is only reassessed when there has been a change in ownership. refinancing or obtaining a new appraisal should not effect your current assessed value or taxes.

William says:

I refinanced my home in Feb. 2016 to remove my ex-fiance from the deed. The home value at the time was $285,000. I’m sure the value has only gone up considering comps in the area, an entire new HVAC system, tile work…etc. I just broke the 80% LTV mark, and the current loan is at $227,500. I called the lender and asked to have the PMI removed, however they said the only way to remove it is by refinance. This was a refi 30-yr FHA loan. I get mixed messages from the internet, and I’m failing to find a good calculator to help me make a decision. My current monthly PMI payment is $167, or ~$2,000/yr. My current loan is locked in at 3.875%. I have 800+ credit score, and would love if someone could help me out!

Cleo says:

FHA loans have PMI tied to the loan for the life of the loan regardless of LTV. You will need to refinance into a Conventional loan to get rid of PMI. Given your LTV and credit score, you need to get out of that FHA loan as soon as possible to save yourself money every month.

Cory says:

This isn’t fully accurate. Based off my research, if you took FHA loan post June 2013 (when rules changed) the only way to have PMI removed from an FHA loan WITHOUT refinancing, is for 2 conditions to be true 1.) You have 80% LTV or less (you have 20% equity in home) AND this is the most important part, you also put down 10% or more of the homes value when you took out your mortgage on the house. If you put less than 10% when you took out the loan, then youa re stuck with PMI for rest of loan, unless of course you just refinance to a conventional loan (which you should in most cases to drop PMI, unless you plan to move in next year or 2).

Mel says:

I was told that if the home is purchased after 2016, the pmi won’t be removed even if I pay it down to 78%. Have you heard of that? What can you suggest other than refinancing because the rate now is much higher to what I have? Any advice will be helpful. I would like to add that my home is in California. Thank you.

steve mcnamara says:

We purchased our home about 7 years ago for 170 appraised 180. Homes increased in value almost immediately. Been trying to cancel it for the past 4 years. Now houses are selling for 350 all day long Identical to mine. Mortgage company says there’s nothing I can do to cancel it until 2024 or pay it down to 136. At the same time sending me offers to refinance because of all the Equity I have. Any ideas?

Noam says:

Refinance with a different mortgage company/bank, don’t authorize for the loan to be sold, and don’t take out equity or skip a payment.

Andrew says:

My wife and I live near Chicago, bought our house 9 months ago with PMI. 30 yr Conventional Loan through Chase. We just accelerated our principal down to 80% of original value. These comments got me depressed but I called Chase anyways, and we are getting our PMI dropped no problem, no appraisal necessary since its a new loan! The lady even sounded surprised she had just let me know that she would read me pur loans specific requirements. Even she was excited to give us good news, I’m sure she constantly has to give others bad news. Confirmation letter to arrive in 5-7 business days. So glad this worked easily!

AnonymousFHAer says:

I am by no means an expert, however, I am sick of searching the interwebs with this detail always mixed up or missing. In June 2013 is when FHA laws changed and turned into lasting the entire duration of the loan. Prior to that, the 78/80 rules apply. I am in the midst of reaapraising my property, purchased 3/2013 via 30yr fixed 3.5% FHA loan to get rid of PMI. The letter I just got back stated exactly when it will be removed, 12/21, if I do nothing, now if I make a lump sum payment toward equity, I am about 83% LTV now.

Fingers crossed the reappraisal goes well, value has definitely gone up.

Betty Jones says:

I purchased my house in 2000. Should the PMI automatically should have been dropped by now?