2023-11-10 11:59:10
Yes. You have the right to ask your servicer to cancel PMI on the date the principal balance of your mortgage falls to 80 percent of the original value of your home. The earliest date you can apply should appear on the PMI disclosure form, which you received with your mortgage. If you cannot find the release form, please contact your administrator.
You can request to have PMI canceled before the scheduled date if you have made additional payments that reduce the principal balance of your mortgage to 80 percent of the original value of your home.
For this purpose, “original value” generally means the lower of the contract sales price or the appraised value of your home at the time you purchased it. However, if you have refinanced, the “original value” is the appraised value at the time of the refinance.
Your servicer is legally required to accept your request to cancel your PMI as long as you meet the criteria below:
You make your request in writing You have a good payment history and are current on your payments You can certify that there are no “junior” liens (such as a second mortgage) on your home You can provide evidence (for example, an appraisal) that the value of your property has not decreased below the original value of the home; If so, you may not be able to cancel PMI as scheduled
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