{"id":9695,"date":"2021-04-26T07:00:01","date_gmt":"2021-04-26T13:00:01","guid":{"rendered":"https:\/\/www.lexingtonlaw.com\/blog\/?p=9695"},"modified":"2024-05-06T14:33:58","modified_gmt":"2024-05-06T20:33:58","slug":"what-is-pmi-and-how-can-i-get-rid-of-it","status":"publish","type":"post","link":"https:\/\/www.lexingtonlaw.com\/blog\/loans\/what-is-pmi-and-how-can-i-get-rid-of-it.html","title":{"rendered":"How to avoid or remove PMI"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2018\/05\/refinancing-your-mortgage.jpg\"><img decoding=\"async\" width=\"1500\" height=\"500\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2021\/04\/How-to-Avoid-or-Remove-PMI.jpg\" alt=\"\" class=\"wp-image-15774\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2021\/04\/How-to-Avoid-or-Remove-PMI.jpg 1500w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2021\/04\/How-to-Avoid-or-Remove-PMI-1100x367.jpg 1100w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2021\/04\/How-to-Avoid-or-Remove-PMI-768x256.jpg 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/a><\/figure><\/div>\n\n\n\n<p><em>The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. <a href=\"https:\/\/www.lexingtonlaw.com\/disclaimer\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">See Lexington Law\u2019s editorial disclosure for more information.<\/a><\/em><\/p>\n\n\n\n<p>Private mortgage insurance (PMI) has been around for more than 60 years, helping make mortgages more affordable for buyers who can\u2019t afford a 20 percent down payment. Loans with PMI certificates have often accounted for a decent percentage of mortgages issued each year. In fact, in 2019, that number was just below 40 percent.<\/p>\n\n\n\n<p>But PMI does add an expense to your home loan, and you likely want to sidestep it if possible. Find out below if you can avoid PMI, or learn how to remove PMI if you\u2019re already paying it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-pmi\">What is PMI?<\/h2>\n\n\n\n<p>PMI is insurance, but don\u2019t get it confused with homeowner\u2019s insurance\u2014that\u2019s a different product you might need to pay for. PMI is insurance for the <em>lender.<\/em> It\u2019s meant to be a fail-safe to help a lender recover losses if you default on the loan.<\/p>\n\n\n\n<p>Lenders require that you purchase PMI in cases where you aren\u2019t putting at least 20 percent down on your home. Most commonly, you pay PMI as part of your monthly mortgage payment. In rarer cases, you might pay all of the PMI as a lump sum when you close on the home or pay a partial lump sum and pay the rest in your monthly mortgage payments.<\/p>\n\n\n\n<p>Regardless of how you pay, PMI can be an expensive addition to your mortgage. It\u2019s important to note, however, that PMI works differently with <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/loans\/types-of-mortgage-loans.html\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">FHA loans and certain other government-backed loans<\/a>. For example, <a href=\"https:\/\/www.lexingtonlaw.com\/credit\/what-is-an-fha-loan\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">FHA loans<\/a> have MIP, which is a mortgage insurance premium, instead of PMI.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-factors-affect-the-cost-of-my-pmi\">What factors affect the cost of my PMI?<\/h2>\n\n\n\n<p>According to Freddie Mac, PMI can cost on average between <a href=\"http:\/\/www.freddiemac.com\/blog\/homeownership\/20190913_private_mortgage_insurance.page\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">$30 and $70 extra per month<\/a> for every $100,000 you borrow. So, if you\u2019re borrowing $200,000 for 30 years and you pay PMI for half of that term, you could pay between $60 and $140 per month for 15 years\u2014or 180 months. That\u2019s between $10,800 and $25,200 added to your mortgage.<\/p>\n\n\n\n<p>The exact amount you pay for PMI depends on a variety of factors, including:<\/p>\n\n\n\n<ul><li>Size of down payment (the more you pay up front, the less risk there is to the lender because the home has some equity\u2014or profitability\u2014built in)<\/li><li><a href=\"https:\/\/www.lexingtonlaw.com\/education\/good-credit-score\" target=\"_blank\" rel=\"noreferrer noopener\">Credit score<\/a> (the higher your score, the less risky of a borrower you appear to lenders)<\/li><li>Loan appreciation potential<\/li><li>Borrower occupancy<\/li><li>Loan type<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-can-i-avoid-pmi\">How can I avoid PMI?<\/h2>\n\n\n\n<p>In today\u2019s mortgage market, it can be difficult to steer clear of PMI altogether. But here are some things you can do, depending on your situation, to avoid this expense.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-make-a-20-percent-down-payment\">Make a 20 percent down payment<\/h3>\n\n\n\n<p>If you can make a 20 percent down payment, you typically avoid PMI. That\u2019s because PMI kicks in when you owe more than 78 to 80 percent of the value of the home. Assuming the home you\u2019re purchasing is priced at or below its appraisal value, paying 20 percent up front automatically gets you enough equity to not need to pay for PMI.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-get-a-va-loan\">Get a VA loan<\/h3>\n\n\n\n<p>VA loans <a href=\"https:\/\/www.blogs.va.gov\/VAntage\/31825\/ten-things-veterans-dont-know-va-home-loans\/\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">don\u2019t require a down payment<\/a> at all, and no matter what, they don\u2019t come with PMI. These loans are reserved for qualifying veterans and their eligible beneficiaries.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-get-a-piggyback-loan\">Get a piggyback loan<\/h3>\n\n\n\n<p>A <a href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/what-is-a-piggyback-second-mortgage-en-1955\/\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">piggyback loan is a second mortgage<\/a> or home equity line of credit that you take out at the same time you take out your first mortgage. You use the piggyback loan to fund all or part of your down payment so you can meet the 20 percent requirement. If you consider this option, make sure to do the math to determine which saves you the most money: paying PMI or paying the interest on the second mortgage.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-request-lender-paid-mortgage-insurance\">Request lender-paid mortgage insurance<\/h3>\n\n\n\n<p>In some cases, the lender might be willing to take on the burden of the PMI cost. They would do so through lender-paid mortgage insurance, or LPMI. Typically, the lender charges a higher rate of interest in exchange for this favor. Again, it\u2019s important to do the math to find out which one is in your best interest.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-can-i-remove-pmi-once-i-have-it\">How can I remove PMI once I have it?<\/h2>\n\n\n\n<p>As a homeowner, you have some options for removing PMI once you have it. You can take some of the actions summarized below, but the <a href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/when-can-i-remove-private-mortgage-insurance-pmi-from-my-loan-en-202\/\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">Consumer Financial Protection Bureau notes<\/a> that you must also meet four criteria to protect your right. Those are:<\/p>\n\n\n\n<ul><li>Asking for the PMI cancellation in writing<\/li><li>Being up to date on payments and having a generally solid payment history<\/li><li>Certifying, if required, that there are no other liens on your mortgage<\/li><li>Providing evidence, if required, that the property value has not fallen below the original value of the home when you purchased it<\/li><\/ul>\n\n\n\n<p>If you can fulfill these criteria, here are some ways you can cancel your PMI.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-get-enough-equity-in-your-home\">Get enough equity in your home<\/h3>\n\n\n\n<p>The <a href=\"https:\/\/files.consumerfinance.gov\/f\/documents\/102012_cfpb_homeowners-protection-act-hpa-pmi-cancellation-act_procedures.pdf\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">PMI Cancellation Act<\/a>, or Homeowners Protection Act, mandates PMI cancellation when your principal mortgage balance reaches 78 percent of the value of the property (or you can also think of it as you reaching 22 percent equity). At that point, lenders must remove PMI. If you want, you can ask for PMI cancellation as soon as you reach 20 percent equity, but lenders aren\u2019t required to remove PMI at that point.<\/p>\n\n\n\n<p>Lenders are also required to tell you when you will reach the point of PMI cancellation if you continue to pay on your loan as agreed. You can calculate where you are in the process at any time by taking your current loan balance and dividing it by the amount the property originally appraised for. For example, if you owe $170,000 and the property appraised for $200,000, you are at 85 percent.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-get-halfway-through-your-mortgage-term\">Get halfway through your mortgage term<\/h3>\n\n\n\n<p>Values can rise and fall, but you\u2019re not stuck with PMI forever. Lenders must remove PMI when you\u2019re halfway through your mortgage regardless of values. So, if you have a 30-year loan, your PMI should be canceled at the 15-year mark.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-refinance-your-mortgage\">Refinance your mortgage<\/h3>\n\n\n\n<p>Another way to remove PMI is to remove your mortgage altogether. If you can arrange it so you meet the 78 percent value requirement on a new mortgage, you avoid PMI.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-get-a-reappraisal\">Get a reappraisal<\/h3>\n\n\n\n<p>Perhaps your home has gone up in value substantially and you owe much less than 80 percent of the current value. If you can demonstrate this, the lender may remove PMI because there\u2019s less risk involved with the loan.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-remodel-your-home\">Remodel your home<\/h3>\n\n\n\n<p>If your home hasn\u2019t gone up in value on its own, you might be able to add value with a remodel. Certain types of remodels, such as kitchen upgrades, could add enough value to impact the loan-to-value ratio so you don\u2019t need PMI anymore.<\/p>\n\n\n\n<p>Getting rid of PMI can be a great way to save money on your mortgage, but always remember to follow good personal financial management. Look at all your options and run the numbers to ensure you\u2019re not spending more than you would save. If you\u2019re <em>already<\/em> considering a home remodel, tossing PMI to the curb is a great perk. But you might not want to put in $30,000 worth of remodel costs just to save $10,000 in PMI, for example.<\/p>\n\n\n\n<p>Finally, while you\u2019re dotting the i\u2019s and crossing the t\u2019s on your mortgage expenses, make sure you don\u2019t lose track of other financial matters. Keep an eye on your credit report.<\/p>\n\n\n\n<p><a href=\"https:\/\/lexingtonlaw.com\/disclaimer\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\"><strong><em>Note:<\/em><\/strong><\/a><em> Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is private mortgage insurance, and do you have to pay it? Find out how to remove PMI or avoid it to save money on your home loan.<\/p>\n","protected":false},"author":63,"featured_media":15774,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[528],"tags":[423,338,371],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v18.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is PMI: How to Avoid or Remove PMI - Lexington Law<\/title>\n<meta name=\"description\" content=\"What is private mortgage insurance, and do you have to pay it? Find out how to remove PMI or avoid it to save money on your home loan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lexingtonlaw.com\/blog\/loans\/what-is-pmi-and-how-can-i-get-rid-of-it.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to avoid or remove PMI\" \/>\n<meta property=\"og:description\" content=\"What is private mortgage insurance, and do you have to pay it? 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