{"id":7061940,"date":"2026-09-20T09:00:59","date_gmt":"2026-09-20T09:00:59","guid":{"rendered":"https:\/\/som2nypost.com\/uncategorized\/can-i-cancel-pmi-if-my-home-value-increases-how-to-get-rid-of-it\/"},"modified":"2026-09-20T09:00:59","modified_gmt":"2026-09-20T09:00:59","slug":"can-i-cancel-pmi-if-my-home-value-increases-how-to-get-rid-of-it","status":"publish","type":"post","link":"https:\/\/som2nypost.com\/?p=7061940","title":{"rendered":"Can I Cancel PMI If My Home Value Increases? How to Get Rid of It"},"content":{"rendered":"


\n<\/p>\n

\n

So let\u2019s recap: What just happened?<\/strong><\/p>\n

The above example gets to the heart of the question: Can I cancel PMI if my home value increases? The answer is: Maybe.<\/p>\n

\u201cIn an upswing like this, I would say you have a better chance of getting rid of your private mortgage insurance, but it\u2019s not a guarantee, because it depends on each lender\u2019s process and making that happen,\u201d says Vickie Clark Jennings<\/a>, a top real estate agent in Fredericksburg, Maryland<\/a>, who has four decades of experience.<\/p>\n

Rising home values can build equity<\/a> and increase your stake in the property, making you a potentially lower-risk borrower. Sometimes, to cancel PMI, all you have to do is make mortgage payments on time and watch your home value grow, then connect with your servicer on the next steps.<\/p>\n

The same concept applies if you\u2019ve made any major home improvements, such as a bedroom, kitchen, or bathroom remodel<\/a>, to increase the appraised value<\/a> of the home. When the appraised value of your home goes up since the time of purchase, it means your equity has grown, and it may allow you to lose the training wheels of your mortgage, your PMI.<\/p>\n

So, having a solid idea of your home\u2019s value<\/a> and how it\u2019s changed can help you track when it might be time to ditch the PMI. However, a simple hunch won\u2019t be enough to get your lender to remove it. You\u2019ll need to get an appraisal or another official valuation of your home (more on that below).<\/p>\n

\n
\n

A Quick (And Free) Way to Check Your Home Value<\/h3>\n

Get a preliminary home value estimate in as little as two minutes. Our tool uses information from multiple sources to give you a range of value based on current market trends.<\/p>\n<\/p><\/div>\n<\/div>\n

4. You eliminate PMI when refinancing your home.<\/h3>\n

When you apply for a refinance<\/a>, your lender will typically require an appraisal<\/a>. If, based on the home\u2019s appraised value, you have at least 20% equity, \u201cthen the second that that loan closes, the new loan starts without private mortgage insurance,\u201d shares Richie Helali, a mortgage expert with HomeLight.<\/p>\n

Keep in mind that you\u2019ll have to pay closing costs<\/a> on the refinance and the fees for the appraisal<\/a>.<\/p>\n

5. You\u2019re midway through your loan\u2019s term.<\/h3>\n

If you\u2019re up to date and current on your PMI payments, then the lender must terminate PMI the month after you reach the midpoint of your loan\u2019s amortization schedule.<\/p>\n

If you\u2019re midway through your loan\u2019s term, this PMI termination applies even if you have not reached 78% of the original value of your home. For example, on a 30-year loan, PMI would be removed after 15 years.<\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

So let\u2019s recap: What just happened? The above example gets to the heart of the question: Can I cancel PMI if my home value increases? The answer is: Maybe. \u201cIn an upswing like this, I would say you have a better chance of getting rid of your private mortgage insurance, but it\u2019s not a guarantee, […]<\/p>\n","protected":false},"author":1,"featured_media":7061941,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[192277,223937,204623,223938],"tags":[29520,1159,22876,41335,20504,223939],"dealstore":[],"offerexpiration":[],"class_list":["post-7061940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-add-value","category-home-value-guides-how-property-valuation-works","category-top-blog-posts","category-where-can-i-get-a-free-online-home-value-estimate","tag-cancel","tag-home","tag-increases","tag-pmi","tag-rid","tag-where-can-i-get-a-free-online-home-value-estimate"],"yoast_head":"\nCan I Cancel PMI If My Home Value Increases? 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