- 1). Contact your lender to find out how much of an additional principal payment you need to make to remove PMI from your loan. Some lenders require a borrower to have either 78 or 80 percent equity in the home to remove it.
- 2). Request a new appraisal on your property, if you feel that it has increased in value, and submit it to your mortgage lender as proof of additional equity in your home. Note that you need to request the appraisal through your lender to make sure that it meets their standards.
- 3). Contact your lender to learn what they specifically require to remove PMI. Some lenders require PMI for a set time period, regardless of equity. Keep a record of the requirements, especially if you have met all of them except for the time requirement. Watch your mortgage account statement to make sure the lender removes the PMI as soon as possible. Request that the lender remove it as soon as you have met all requirements.
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