What is PMI and how do I get rid of it?

PMI, or private mortgage insurance, is required on conventional loans when you put less than 20% down. It protects the lender, not you, and adds roughly $30 to $70 per month per $100,000 borrowed depending on your credit.

You can drop PMI once you reach 20% equity by requesting cancellation, and it falls off automatically at 22%. Rising Florida home values often get borrowers there faster — a new appraisal showing 20% equity can remove it early. We'll show you the timeline.

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