FAQs

How do I delete PMI?

PMI on a conventional loan will be terminated automatically when the principal balance is first scheduled to reach 78% of the original value of your home for most mortgage types. The loan must also be current on the anticipated cancellation date, or it will be terminated after the loan is brought current. Additional requirements regarding the loan may need to be met to determine eligibility.

The Homeowners Protection Act (HPA) gives you the right to request PMI cancellation before the automatic termination date, when the principal balance of your mortgage is scheduled to reach 80% of the original value of your home for most mortgage types, or the date the principal balance actually reaches 80% of the original value. Cancellation may require an appraisal (at your own expense) to confirm your home’s value hasn’t declined since closing; a good payment history and being current on your payments; and certification that there are no junior liens on your home. Some state laws may have additional requirements for cancellation or termination of PMI. You may request this review by initiating the deletion online through our Secure Message Center or by phone with a Customer Service Representative.