Is it a good idea to remove mortgage insurance?

In most cases, removing mortgage insurance is a good thing. It will lower your monthly payment. Just remember to do some research before you make a decision. Depending on how you remove your mortgage insurance, you may have to consider other factors, such as refinancing expenses.

Can I remove PMI before 1 year?

You can typically request PMI be removed once you’ve reached 20% equity in your home in many cases as long as the value is verified. You will also need to be current on your payments.

Can a lender refuse to remove PMI?

Yes, a lender can refuse to remove PMI. For instance, if your property does not appraise as expected or you do not satisfy a requirement, a lender can reject your request. However, if you meet the requirements, you can request the removal of PMI.

Mortgage Insurance Removal: How It Works