{"id":205210,"date":"2025-01-10T08:11:40","date_gmt":"2025-01-10T08:11:40","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/can-you-get-rid-of-pmi-with-a-new-appraisal\/"},"modified":"2025-01-10T08:11:40","modified_gmt":"2025-01-10T08:11:40","slug":"can-you-get-rid-of-pmi-with-a-new-appraisal","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/can-you-get-rid-of-pmi-with-a-new-appraisal\/","title":{"rendered":"Can you get rid of PMI with a new appraisal?"},"content":{"rendered":"<p>Private Mortgage Insurance, or PMI, is a type of insurance that lenders require borrowers to pay when they have a conventional loan and put down less than 20% of the home&#8217;s purchase price. Many homeowners hope to eliminate this additional cost as soon as possible. One common question that arises is: Can you get rid of PMI with a new appraisal?<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_62 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/namso-gen.co\/blog\/can-you-get-rid-of-pmi-with-a-new-appraisal\/#Answer_Yes_you_can_potentially_get_rid_of_PMI_with_a_new_appraisal\" title=\"Answer: Yes, you can potentially get rid of PMI with a new appraisal.\">Answer: Yes, you can potentially get rid of PMI with a new appraisal.<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/namso-gen.co\/blog\/can-you-get-rid-of-pmi-with-a-new-appraisal\/#FAQs\" title=\"FAQs:\">FAQs:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/namso-gen.co\/blog\/can-you-get-rid-of-pmi-with-a-new-appraisal\/#1_How_is_PMI_calculated\" title=\"1. How is PMI calculated?\">1. How is PMI calculated?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/namso-gen.co\/blog\/can-you-get-rid-of-pmi-with-a-new-appraisal\/#2_How_long_do_I_have_to_pay_PMI\" title=\"2. How long do I have to pay PMI?\">2. How long do I have to pay PMI?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/namso-gen.co\/blog\/can-you-get-rid-of-pmi-with-a-new-appraisal\/#3_Can_I_cancel_PMI_without_a_new_appraisal\" title=\"3. Can I cancel PMI without a new appraisal?\">3. Can I cancel PMI without a new appraisal?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/namso-gen.co\/blog\/can-you-get-rid-of-pmi-with-a-new-appraisal\/#4_What_if_my_homes_value_has_decreased\" title=\"4. What if my home&#8217;s value has decreased?\">4. What if my home&#8217;s value has decreased?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/namso-gen.co\/blog\/can-you-get-rid-of-pmi-with-a-new-appraisal\/#5_Is_PMI_tax-deductible\" title=\"5. Is PMI tax-deductible?\">5. Is PMI tax-deductible?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/namso-gen.co\/blog\/can-you-get-rid-of-pmi-with-a-new-appraisal\/#6_Can_I_request_a_new_appraisal_for_PMI_removal\" title=\"6. Can I request a new appraisal for PMI removal?\">6. Can I request a new appraisal for PMI removal?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/namso-gen.co\/blog\/can-you-get-rid-of-pmi-with-a-new-appraisal\/#7_Is_there_a_fee_for_getting_a_new_appraisal_for_PMI_elimination\" title=\"7. Is there a fee for getting a new appraisal for PMI elimination?\">7. Is there a fee for getting a new appraisal for PMI elimination?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/namso-gen.co\/blog\/can-you-get-rid-of-pmi-with-a-new-appraisal\/#8_How_often_can_I_request_to_remove_PMI_with_a_new_appraisal\" title=\"8. How often can I request to remove PMI with a new appraisal?\">8. How often can I request to remove PMI with a new appraisal?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/namso-gen.co\/blog\/can-you-get-rid-of-pmi-with-a-new-appraisal\/#9_Can_I_get_an_appraisal_from_any_appraiser\" title=\"9. Can I get an appraisal from any appraiser?\">9. Can I get an appraisal from any appraiser?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/namso-gen.co\/blog\/can-you-get-rid-of-pmi-with-a-new-appraisal\/#10_Can_I_speed_up_the_PMI_removal_process_with_extra_payments\" title=\"10. Can I speed up the PMI removal process with extra payments?\">10. Can I speed up the PMI removal process with extra payments?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/namso-gen.co\/blog\/can-you-get-rid-of-pmi-with-a-new-appraisal\/#11_Does_PMI_serve_any_benefits_for_the_homeowner\" title=\"11. Does PMI serve any benefits for the homeowner?\">11. Does PMI serve any benefits for the homeowner?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/namso-gen.co\/blog\/can-you-get-rid-of-pmi-with-a-new-appraisal\/#12_Are_there_alternatives_to_PMI_for_low_down_payment_borrowers\" title=\"12. Are there alternatives to PMI for low down payment borrowers?\">12. Are there alternatives to PMI for low down payment borrowers?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Answer_Yes_you_can_potentially_get_rid_of_PMI_with_a_new_appraisal\"><\/span>Answer: Yes, you can potentially get rid of PMI with a new appraisal.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When it comes to eliminating PMI, a new appraisal can be a useful tool. If your home&#8217;s value has increased since you bought it, resulting in a loan-to-value ratio of 80% or less, you may be able to request for PMI to be removed. Lenders typically require a current appraisal to confirm the home&#8217;s value before considering removing PMI.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"1_How_is_PMI_calculated\"><\/span>1. How is PMI calculated?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nPMI is usually calculated as a percentage of the original loan amount and can range from 0.3% to 1.5% of the loan balance annually.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_How_long_do_I_have_to_pay_PMI\"><\/span>2. How long do I have to pay PMI?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nFor most conventional loans, you are required to pay PMI until you have at least 20% equity in your home.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Can_I_cancel_PMI_without_a_new_appraisal\"><\/span>3. Can I cancel PMI without a new appraisal?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIn some cases, you may be able to cancel PMI without a new appraisal if your loan has reached a certain milestone, such as paying down a percentage of the principal balance.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_What_if_my_homes_value_has_decreased\"><\/span>4. What if my home&#8217;s value has decreased?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIf your home&#8217;s value has decreased or remained stagnant, getting rid of PMI with a new appraisal may not be feasible. In this case, refinancing or making additional mortgage payments may be necessary to eliminate PMI.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Is_PMI_tax-deductible\"><\/span>5. Is PMI tax-deductible?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIn certain situations, PMI premiums may be tax-deductible, but it is recommended to consult with a tax professional for specific guidance.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Can_I_request_a_new_appraisal_for_PMI_removal\"><\/span>6. Can I request a new appraisal for PMI removal?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, you can request a new appraisal to determine if your home&#8217;s value has increased enough to qualify for PMI removal.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"7_Is_there_a_fee_for_getting_a_new_appraisal_for_PMI_elimination\"><\/span>7. Is there a fee for getting a new appraisal for PMI elimination?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nTypically, the homeowner is responsible for covering the cost of the new appraisal when requesting to remove PMI.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"8_How_often_can_I_request_to_remove_PMI_with_a_new_appraisal\"><\/span>8. How often can I request to remove PMI with a new appraisal?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThere may be limitations on how frequently you can request PMI removal with a new appraisal, so it&#8217;s essential to check with your lender for specific guidelines.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"9_Can_I_get_an_appraisal_from_any_appraiser\"><\/span>9. Can I get an appraisal from any appraiser?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYour lender may have specific requirements for the appraisal process, including the selection of an approved appraiser.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"10_Can_I_speed_up_the_PMI_removal_process_with_extra_payments\"><\/span>10. Can I speed up the PMI removal process with extra payments?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nMaking additional principal payments can help you reach the 20% equity threshold sooner and potentially accelerate the process of eliminating PMI.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"11_Does_PMI_serve_any_benefits_for_the_homeowner\"><\/span>11. Does PMI serve any benefits for the homeowner?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nWhile PMI primarily benefits the lender by protecting against default, it allows homeowners to purchase a home with a lower down payment.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"12_Are_there_alternatives_to_PMI_for_low_down_payment_borrowers\"><\/span>12. Are there alternatives to PMI for low down payment borrowers?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nSome lenders offer alternatives to traditional PMI, such as lender-paid mortgage insurance or piggyback loans, for borrowers who cannot put down a 20% down payment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Private Mortgage Insurance, or PMI, is a type of insurance that lenders require borrowers to pay when they have a conventional loan and put down less than 20% of the home&#8217;s purchase price. Many homeowners hope to eliminate this additional cost as soon as possible. One common question that arises is: Can you get rid &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Can you get rid of PMI with a new appraisal?\" class=\"read-more button\" href=\"https:\/\/namso-gen.co\/blog\/can-you-get-rid-of-pmi-with-a-new-appraisal\/#more-205210\">Read more<span class=\"screen-reader-text\">Can you get rid of PMI with a new appraisal?<\/span><\/a><\/p>\n","protected":false},"author":52,"featured_media":107420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86279],"tags":[],"class_list":["post-205210","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learn","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Can you get rid of PMI with a new appraisal?<\/title>\n<meta name=\"description\" content=\"Private Mortgage Insurance, or PMI, is a type of insurance that lenders require borrowers to pay when they have a conventional loan and put down less than\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/namso-gen.co\/blog\/can-you-get-rid-of-pmi-with-a-new-appraisal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Can you get rid of PMI with a new appraisal?\" \/>\n<meta property=\"og:description\" content=\"Private Mortgage Insurance, or PMI, is a type of insurance that lenders require borrowers to pay when they have a conventional loan and put down less than\" \/>\n<meta property=\"og:url\" content=\"https:\/\/namso-gen.co\/blog\/can-you-get-rid-of-pmi-with-a-new-appraisal\/\" \/>\n<meta property=\"og:site_name\" content=\"Namso Gen Blog - 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Readers are strongly advised to exercise caution, verify information independently, and rely on their own judgment when considering the information provided. 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