Costs & PMI
When does PMI go away?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
On a conventional loan you can request PMI cancellation at 20% equity and it falls off automatically at 22% by the original payment schedule. FHA's premium usually lasts the life of the loan, requiring a refinance to remove.
Rising Florida values can get you to 20% early; a new appraisal can prove it. We'll tell you the soonest you can drop PMI and how.
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