When Can I Remove PMI from My Loan?
PMI payments can be dropped from your mortgage when your LTV falls below 80%. Most lenders will not automatically drop your PMI though.
It is the borrower’s responsibility to contact the lender and pay for a real estate appraisal. If the appraisal shows that your loan has fallen below 80% LTV, then your PMI will be dropped.
Refinance your home, lower your rate and stop paying PMI today!