Quick answer
Read your PMI disclosure, ask your current servicer for its cancellation instructions and submit a written request when your balance reaches the applicable 80% threshold. Under the federal original-value route, that can be the scheduled 80% date or earlier when actual principal payments reduce the balance to 80% of original value.
The CFPB cancellation summary also lists payment-history, current-status, junior-lien and property-value conditions. Do not order an appraisal until the servicer tells you what evidence and provider it accepts.
Your before-automatic-cancellation checklist
- Find the original-value schedule. Review the PMI disclosure delivered at closing or request the scheduled 80% and 78% dates from the current servicer.
- Confirm which 80% route applies. You can request at the scheduled 80% date, or earlier if additional principal payments brought the actual balance to 80% of original value.
- Make the request in writing. Use the servicer's required address, portal or form and retain the confirmation and supporting documents.
- Check the conditions. Be current, maintain the required good payment history, certify there are no junior liens and satisfy the servicer's property-value evidence.
- Get a written decision. If denied, ask which condition failed, what evidence is missing and the next eligible date.
Original value and current value are different routes
Federal original-value route
The 80% borrower-request and scheduled 78% automatic-termination points use original value and the applicable amortization schedule. CFPB explains the borrower conditions and timing.
Investor current-value route
Appreciation or improvements may support a separate request if the mortgage investor permits it. Seasoning, LTV, payment history and the servicer's valuation process apply.
For a Fannie Mae-owned one-unit principal residence or second home, the current Fannie Mae Servicing Guide generally uses 75% LTV when the mortgage is two through five years old and 80% after five years, with separate provisions for substantial improvements and other property types. These are Fannie Mae rules, not universal promises for every conventional mortgage.
What happens if you do nothing?
For a covered mortgage that is current, PMI generally terminates automatically when the principal balance is first scheduled to reach 78% of original value. The CFPB Homeowners Protection Act procedures also describe final termination after the midpoint of the amortization period when PMI has not already ended and the loan is current.
Automatic termination does not make an earlier request unnecessary. The borrower-request route may end PMI at the scheduled 80% point, or earlier after sufficient actual principal reduction, when all conditions are satisfied.
Extra payments: direct them to principal and document the balance
Before making extra payments, confirm how the servicer applies them and whether any separate instruction is required. Keep statements showing the principal balance. A lower total monthly payment does not necessarily follow immediately; CFPB explains that a mortgage payment can include principal, interest, taxes, homeowners insurance, mortgage insurance and other items in its total-payment explanation.
Useful Florida conventional resources
Review the Florida conventional-loan service page, use the planning calculator for scenario estimates, and compare program structure in the conventional-versus-FHA cost guide. These resources do not replace instructions from the current servicer.
Authoritative sources
- CFPB — when a borrower can remove PMI
- Fannie Mae Servicing Guide — conventional MI termination
- CFPB — Homeowners Protection Act examination procedures
- CFPB — principal-and-interest versus total monthly payment
Source scope: These sources support the adjacent statements. The note, PMI disclosure, investor rules and current servicer's written requirements control a specific request.
Frequently asked questions
What steps can I take to remove PMI from my mortgage before it automatically cancels?
Read your PMI disclosure and contact your current mortgage servicer. Submit a written cancellation request when the scheduled balance reaches 80% of the property's original value, or earlier when extra principal payments reduce the actual balance to 80%. Be current, maintain the required payment history, certify there are no junior liens and provide any value evidence the servicer requires.
What does original value mean for PMI cancellation?
For a purchase loan, original value generally means the lower of the contract sales price or the appraisal used when the mortgage closed. For a refinance, it generally means the appraisal relied on for that refinance. Your PMI disclosure and servicer should identify the applicable value and scheduled cancellation dates.
Can extra principal payments help me request PMI cancellation earlier?
Yes. CFPB explains that a borrower may request cancellation earlier than the scheduled 80% date when actual principal payments reduce the balance to 80% of original value, provided the other cancellation conditions are met. Tell the servicer that the request is based on actual principal reduction.
Can appreciation or improvements support PMI removal?
Possibly, but this is an investor- and servicer-specific route rather than the federal original-value rule. For Fannie Mae loans, current-value requests have seasoning, LTV, payment-history and valuation requirements. Contact the servicer before ordering an appraisal because the servicer controls the valuation method.
When must PMI terminate automatically?
For a covered mortgage, PMI generally terminates when the principal balance is first scheduled to reach 78% of original value if the loan is current. This automatic date is based on the initial amortization schedule, not a new estimate of current market value.
What is the midpoint PMI termination rule?
If PMI has not ended under another rule, final termination generally occurs after the first day of the month following the midpoint of the amortization period, provided the loan is current. This can matter for loans that did not reach the scheduled 78% point earlier.
If the servicer says cancellation is not available
First ask the current servicer for the reason and next eligible date. If you then want to compare a refinance, use the official application or schedule a call and compare total closing costs, APR, payment components and break-even—not PMI alone. Applying or scheduling does not guarantee eligibility, approval, savings, a rate, payment, property acceptance or closing timing.
Important disclosure: Educational information only; not servicing, legal, tax or financial advice, a commitment to lend, rate quote or approval. Contact your current mortgage servicer for loan-specific PMI instructions. All new loans are subject to application, credit, property, underwriting and program requirements. Joseph Pistone, NMLS 2087918. CrossCountry Mortgage, LLC, NMLS 3029. Equal Housing Opportunity. Not affiliated with or endorsed by CFPB or Fannie Mae.