Can I refinance to remove conventional PMI?
A refinance may avoid PMI if the new loan is no more than 80% of the accepted home value and meets the lender’s rules. That means about 20% equity, not 80% equity. First check whether your current servicer can remove PMI without a refinance.
What this actually means.
A new loan requires its own approval and value review. Include any financed closing costs when checking the new loan-to-value ratio. Compare the new rate, APR, fees, payment, and term with keeping your current loan. A refinance can cost more even if PMI ends. Ask the current servicer about cancellation based on original value or its separate current-value rules before paying for a new loan.
Where this can move.
Rate environment, equity, credit, current loan type, seasoning, AUS findings (appraisal waiver eligibility), and program rules can change the answer.
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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. Mortgage Expert, Inc. is not affiliated with Fannie Mae, Freddie Mac, FHFA, or any government agency.