Can you eliminate the PMI on your mortgage?
The answer is: Yes. Most Lenders require your loan balance be less than 78 percent of the value of the home. If you are at a point in the repayment of the loan where you have been making additional principal payments, you are current on the loan and do not have a second mortgage, you may qualify. Your request will need to be made in writing and the Lender will most likely require an appraisal to determine the home’s value. If you are still denied, you could look into refinancing your home and would not be required to pay PMI based on your current loan-to-value ratio.