Conventional loan with PMI, when/how can I get PMI removied?

The rules are different for Conventional vs FHA.. under conventional, you will have to pay for at least 24 payments, and then you can request it be removed.. you would have to support your homes value by an appraisal, and you would need at least 20% equity or more to get it removed. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

On a conventional loan, the PMI will automatically fall off once you reach 78% of the original balance through making payments. Contrary to popular belief, if your conventional loan started with PMI, you MUST have PMI at least 24 months regardless of anything else. After you have made at least 24 payments, you can ask the lender to drop PMI if you believe through payments, improvements, or appreciation, that you are now at 80% loan-to-value or less. They will require you to obtain an appraisal to verify you are now below 80%. Other loans have different rules...

There are a couple ways it will be removed. One is via the amoritzation table and it will be removed automatically. The other is to prove to them you have 20% equity. An appraisal is generally the best way but contact your lender and see what they require. Removing PMI is on a conventional loan, and MI is an FHA loan. If it is an FHA loan, and you had the loan before April, 1st of this year, you will have the MI for AT LEAST 5yrs regardless if you have 22% equity on a 30yr loan. If it is a 15yr loan then you can get rid of it once you the 22% equity.

Was it a FHA or Conventional? The answer below for FHA is correct, Conventional it comes off at 78% of the original purchase price or appraisaed value. If you want to get rid of it, call me I have a first and second mortgage product so you can get rid of it immediatly

Typically you will have to pay it for at least 1 year, after that most likely you will need to pay for an appraisal to prove your loan to value is 80% or less. Make sure you check with your current lender as to their procedure prior to doing anything.

Removal is automatic when balance is 78% of original purchase price, or at 80%, by request.

You need 22% equity in your property- Most lenders will require an appraisal to validate the value in your property- You will want to contact your current lender as they would require the appraisal to come from their Appraisal Management Company to validate thevalue.Depending on what your property is worth compared to the value required to take off PMI, you may want to do a "Cash In" refinance-"bringing money to closing to get the Loan to value at 80% or below- Have the lender that you choose run some numbers for you to see ifthat makes sense- With Rates at historic lows, this maybe a viable option for you-Good Luck,Pete

Prior responces are correct

There should be a disclosure indication when it will be removed