Call Mike at 941-315-2727 before you order anything. We will help you understand what your servicer is likely to require.

How PMI Removal Works

Private mortgage insurance is typically required on conventional loans when the original down payment was under 20 percent. Under the federal Homeowners Protection Act, borrowers on covered loans (generally single-family primary residences financed on or after July 29, 1999) can request cancellation when the balance is first scheduled to reach, or actually reaches, 80 percent of the home's original value, if they are current, have a good payment history, and, if the lender requires, show there are no subordinate liens and the value has not declined. PMI terminates automatically on the date the balance is scheduled to reach 78 percent of the original value under the original amortization schedule, if the loan is current.

Many homeowners reach the threshold sooner because of appreciation or improvements. In that case, the request is based on the home's current value, and the loan servicer will usually require a new valuation. Servicer and investor rules often include:

• A minimum period of ownership or loan seasoning
• A lower loan-to-value requirement for loans that are only a few years old
• A good recent payment history
• An appraisal or other valuation acceptable to the servicer

These rules vary, so the first step is always a call to your servicer.

Step One: Ask Your Servicer the Right Questions

Many servicers order the valuation themselves or require an appraiser they approve. A private appraisal ordered without checking first may not be accepted. Before engaging any appraiser, ask your servicer:

1. Is my loan eligible to remove PMI based on current value?
2. What loan-to-value ratio and seasoning do you require?
3. Do you order the appraisal, or can I provide one? If so, what are the requirements?
4. What form or report type do you need?

If the servicer will accept an independently ordered appraisal, we will prepare it to their stated requirements. If they order it themselves, we can share general information about the process only; we do not discuss expected value. If a lender or appraisal management company later assigns us an appraisal of the same property, we will disclose the prior contact as USPAP requires, or decline the assignment.

Why Work With Mantis Valuation Advisors

Mike Petrone (State-certified general real estate appraiser RZ3609) holds an MBA and has over 30 years of valuation experience. Every report is USPAP-compliant and supported by local sales data, not automated estimates. Whether your home is in a Lakewood Ranch community, a canal-front neighborhood in Port Charlotte or Englewood, or a newer subdivision in North Port, value depends on the specific comparables in your area, and that is where local knowledge matters.

Many PMI questions come from owners who bought in Lakewood Ranch, North Port, or Parrish in the last few years with less than 20 percent down, or who added value with a pool, an addition, or impact windows. We serve homeowners across Sarasota, Manatee, and Charlotte counties. For other homeowner appraisals, see our residential appraisals.

Preparing for the Appraisal

A few simple steps help the appraiser see your home accurately:

• List your improvements. Roof, HVAC, impact windows, kitchens, baths, flooring, pools, and other updates, with approximate dates.
• Address deferred maintenance. Small repairs and a clean, accessible home make a difference.
• Provide access. Make sure the attic, garage, lanai, and all rooms are accessible.
• Share HOA or community details. Amenities and recent assessments can be relevant.

Turnaround

Timing depends on the property, scheduling the inspection, and your servicer's specific requirements. Your delivery date is typically quoted at engagement, once we have confirmed what your servicer needs. We respond to all inquiries within 1 business day.

PMI Removal FAQ

Will my lender accept an appraisal I order myself?

It depends on the servicer and the loan investor. Many require that they order the valuation or use an approved appraiser. Always confirm with your servicer first.

What loan-to-value do I need?

Requirements vary by servicer, investor, and how long you have had the loan. Your servicer can tell you the exact threshold that applies to you.

Does this work for FHA loans?

No. FHA mortgage insurance (MIP) cannot be removed with an appraisal. It ends based on time and the loan's original terms, or when you refinance. VA loans have no mortgage insurance (they have a one-time funding fee instead). Ask your servicer, or discuss refinancing options with a loan officer.

What if the appraisal comes in too low?

An appraisal reports market value as supported by the data; it is not guaranteed to reach a particular number. That is why it helps to confirm your servicer's requirements and your loan balance before you order one.

Do improvements count?

Yes. Updates and additions are considered as part of the property's condition and features, and their effect on value is measured against what buyers in your market pay.

How long do I have to own my home first?

Many servicers require a minimum ownership or seasoning period. Your servicer will tell you the period that applies to your loan.

Find Out If PMI Removal Makes Sense

A short conversation can tell you whether a PMI removal appraisal makes sense right now.

This page is general information, not legal or financial advice. Your loan servicer's requirements control whether and how PMI can be removed.