2 Ways to Remove Private Mortgage Insurance (PMI)

1. Based on “Original Value”
   • PMI is automatically removed once the mortgage balance reaches 80% LTV of the property’s value when you obtained the financing.
   • This can occur based on your normal payments or if you make additional payment(s) so that you reach the 80% LTV.
2. Based on “Current Value”
   • Your Servicer will normally follow Fannie Mae or Freddie Mac guidelines depending on the securitization of your mortgage.
     • If you have been paying on your current mortgage 2-5 years, you may be able to remove the PMI if you have a 75% LTV based on the current value.
     • If you have been paying on your current mortgage 5+ years, you may be able to remove the PMI if you have an 80% LTV based on the current value.

Here more details:
https://content.enactmi.com/documents/5273286.BPMICancellationFannieFreddie.1018.pdf

Reach out to your Servicer to determine your options.