How to Remove PMI (Without Refinancing)
Federal law — the Homeowners Protection Act — gives you the right to cancel Private Mortgage Insurance once you have the equity. No refinance, no new loan, no closing costs. Here is the process, step by step.
Step 0: Check your LTV free →Step 1 — Confirm you qualify under the HPA
The HPA provides two paths to cancellation, and most homeowners only know the slow one:
Standard path — based on your home’s original value: you can request cancellation at 80% LTV (12 U.S.C. §4902(a)), and your lender must terminate PMI automatically at 78% (12 U.S.C. §4902(b)). On a normal amortization schedule this takes years.
Appreciation path — based on your home’s current value: if your loan is under 5 years old you qualify at 75% LTV (12 U.S.C. §4902(a)(3)(A)); at 5 years or older, 80% LTV (12 U.S.C. §4902(a)(3)(B)). On the Wasatch Front, where values have risen sharply since 2020, this is the path that gets PMI off your statement years early.
EquityUp’s free audit calculates your current LTV from public county assessor records and tells you which threshold applies to your loan age.
Step 2 — Send a written cancellation request
Phone calls do not start the legal clock. The HPA requires a written request — and once your servicer receives one, they must respond within 30 days. The letter needs to identify your loan, assert the specific LTV threshold you satisfy, and confirm your payment history is current.
Generic templates get generic denials. EquityUp’s $250 Strategy Session includes a letter built from your property’s actual assessor data, citing the exact HPA sections your lender is required to act on — plus a 30-minute call to walk through the submission.
Step 3 — Prepare for the valuation
Lenders may verify your home’s current value before cancelling. Some accept a broker price opinion (BPO); others require a full appraisal ($300–$650). Do not pay for either until you have confirmed — with free public data — that your equity position clears the threshold. If the numbers are marginal, waiting one more appreciation cycle is cheaper than a failed appraisal.
Step 4 — If the lender says no, escalate
A denial is not the end of the process. Get the reason in writing, then respond to it specifically: a corrected valuation, proof of loan age, or an escalation letter citing the servicer’s HPA obligations. EquityUp’s $750 Full Preparation package includes the escalation letter, a briefing for the BPO or appraisal visit, and a review of the lender’s response.
The whole process starts with one number: your current LTV.
Get it free in under 2 minutes →