How can I get rid of my PMI refinance?

Keep this in mind, is PMI possible to be removed if the home's value rises?

You can request your lender to cancel your insurance once you have at least 20% equity in your home. Your lender must cancel PMI charges automatically once you have reduced your loan balance to 78 per cent of the original appraised value.

What happens to your PMI when you refinance, other than the above? Refinance may allow you to get a lower interest rate and eliminate PMI if your new loan balance is less than 80% of the property's value. Refinancing may require you to pay closing costs. These can include a variety of fees. Refinancing shouldn't be more expensive than it will save you.

Do you need to pay PMI for refinancing?

Private mortgage insurance (PMI) will be required for homeowners who have less than 20% equity when they refinance. Some homeowners may find that their home's value has dropped since they purchased it. If they want to refinance their mortgage they will need PMI.

How do I get rid PMI without paying 20%?

Summarising, PMI is payable if your down payment is less than 20% of the home's value or sales price. You have two options. Use a "stand alone" first mortgage, and then pay PMI until the LTV of your mortgage reaches 78%. At that point, the PMI can be eliminated. You can also use a second mortgage.