When does PMI come off my mortgage?

PMI can be removed from a loan when the loan-to-value (LTV) ratio is 80% or less based on the property’s current value. PMI is automatically canceled once the LTV reaches 78%, calculated using the property’s original value at the time the loan was originated.

You may request PMI removal if you believe the current property value is sufficient to reduce the LTV to 80% or below. In most cases, an appraisal or broker price opinion (BPO) will need to be ordered to determine the current value and confirm that the LTV meets the required threshold.