Refinance
Can I refinance to remove PMI?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Yes. If your home has gained enough value to reach 20% equity, a refinance into a new conventional loan removes PMI. This is common in Florida given recent appreciation.
On a conventional loan you can often just request PMI cancellation at 20% equity without refinancing, which is cheaper. But to escape FHA's lifelong mortgage insurance, refinancing to conventional is usually the move. We'll run both.
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