Your roadmap to dropping private mortgage insurance
Home improvements and PMI
Your next move
The federal cancellation thresholds are based on the home's original value, but many servicers will consider a request based on current value, including value added by improvements. They usually require a new appraisal and may have extra rules, such as a minimum time since closing. Ask your servicer for its written requirements first.
Last reviewed against the primary sources listed below.
Before you renovate for PMI
- Ask the servicer for its current-value policy.
- Keep receipts and permits.
- Budget for the appraisal.
PMI questions on the road
Can remodeling get rid of PMI?
Possibly, if your servicer accepts a current-value request with a new appraisal.
Who orders the appraisal for PMI removal?
Usually the servicer, at your cost.