You can request PMI removal once your loan balance reaches 80% of the original home value (20% equity). Requirements include:

• Good payment history (no late payments in past 12 months)
• Current on mortgage payments
• No subordinate liens (like a HELOC)
• Written request to your lender

Most lenders will require a new appraisal ($300-$500) to confirm your home's value. If you've paid down to 80% LTV based on original value, you should qualify for cancellation.

Yes! If your Nevada home has appreciated substantially, you may be able to remove PMI even if you haven't paid down to 80% of the original value.

Using appreciation: Most lenders allow PMI removal at 75% LTV based on current market value if:

• You've had the loan for at least 2 years
• The appreciation is verified by a new appraisal
• No significant property damage or liens

Nevada markets like Las Vegas and Henderson have seen strong appreciation in recent years. If your home value increased 10-20%, you may already be at 75% LTV and eligible for PMI removal sooner than expected.

The PMI removal process typically takes 30-45 days:

• Week 1: Submit written request and order appraisal
• Week 2-3: Appraiser visits and completes report
• Week 3-4: Lender reviews appraisal and verifies payment history
• Week 4-6: Lender approves removal; PMI drops from next payment

If you're close to the automatic termination threshold (78% LTV), it might be faster to wait for automatic removal rather than requesting it early.

Request PMI removal if:

• Your current interest rate is competitive
• You've had your loan less than 2 years (refinancing has closing costs)
• You're at or near 20% equity

Consider refinancing if:

• Rates have dropped 0.75%+ since you bought
• Your home appreciated significantly and you're at 20%+ equity
• You want to shorten your loan term (30yr to 15yr)

Run the numbers: If refinancing saves you $200/month and costs $5,000 in closing costs, you break even in 25 months. Compare this to simply removing PMI (saves $100-300/month with minimal cost).

If your lender denies your request, they must provide a reason:

• Not at 80% LTV: Continue making payments or consider extra principal payments
• Late payment history: Wait until you have 12 months of on-time payments
• Low appraisal: Request a second appraisal or provide recent comparable sales data
• Property condition issues: Make necessary repairs and reapply

Under federal law (Homeowners Protection Act), lenders must automatically terminate PMI at 78% LTV based on original value, regardless of current market value or property condition - as long as you're current on payments.

If automatic termination fails at 78%, contact your lender immediately as this is a violation of federal law.

Yes! Making extra principal payments is an effective strategy to reach 80% LTV faster and eliminate PMI.

Example: On a $380,000 loan at 7% interest with $150/month PMI:

• Regular payments: PMI drops after ~11 years
• Extra $300/month principal: PMI drops after ~6 years (saves ~$9,000 in PMI)
• Extra $500/month principal: PMI drops after ~4.5 years (saves ~$11,700 in PMI)

Tips for extra payments:

• Specify "apply to principal" when making extra payments
• Consider bi-weekly payments (equivalent to 13 months/year)
• Use windfalls (tax refunds, bonuses) for lump-sum principal payments

No - FHA mortgage insurance (MIP) has different rules than conventional PMI:

FHA loans with 3.5%-9.99% down:

• MIP stays for the life of the loan
• Cannot be removed by request or reaching 20% equity
• Only way to remove: refinance into a conventional loan

FHA loans with 10%+ down:

• MIP automatically drops after 11 years
• Cannot be removed early even if you reach 20% equity

If you have an FHA loan and want to eliminate mortgage insurance, your best option is refinancing into a conventional loan once you have 20% equity. Learn about FHA to Conventional refinancing →

PMI typically costs 0.3%-1.5% of your loan amount annually. Here are savings examples for Nevada homebuyers:

Over the typical 11-year PMI period, you could pay $16,500-$36,000+ in mortgage insurance. Removing it as early as possible creates significant savings you can put toward principal, investments, or other goals.