Yes, you can refinance your mortgage to a loan with a higher equity percentage, which can help eliminate the PMI requirement. For instance, if you originally financed with a 5% down payment, you could refinance when your home equity reaches 20%, effectively removing the PMI. Can PMI Rates C...
If you make adown paymentof 20% or more when buying a home, you don’t need to pay for PMI. That’s assuming you take a conventional mortgage rather than an FHA or VA loan — more on that shortly. When you take out a mortgage loan, the lender offers you a loan up to a certain...
6. You Can Stop Paying PMI. Most lenders require private mortgage insurance until you reach 20% equity in your home. The sooner you get 20%, the sooner you canstop paying PMIand put that money to use better. PMI offers no benefits to homeowners. As long as you continue to pay private...