Can I refinance to remove conventional PMI?
Yes. If property value has risen enough that the new appraisal shows 80%+ equity, refinancing into a new conventional loan eliminates PMI from day one. Rate has to be reasonable — sometimes the higher new rate offsets the PMI savings, sometimes it doesn't.
Plain-English explanation
PMI-removal refinance is most common when home values rise after purchase. The math: new rate vs old rate + old PMI + closing costs. If the appreciation is real and PMI savings outweigh any rate increase plus closing costs, the refi pays off. Borrowers can also wait for the servicer's automatic PMI termination, which is generally tied to 78% of original value on the original amortization schedule and is subject to servicer rules, payment history, and HPA — that path costs nothing if you can wait. The refi makes sense when waiting takes too long or when rate also improves.
What can change the answer?
Rate environment, equity, credit, current loan type, seasoning, AUS findings (appraisal waiver eligibility), and program rules can change the answer.
Want the real answer for your conventional file?
Conventional guidelines are the rule. Your credit, income, DTI, PMI, LLPAs, and Florida payment math are what decide the actual answer.
More conventional questions on Refinance
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review.