Bought a house few months ago and have to pay PMI every month. What are the ways I can get rid of PMI?

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Pay your mortgage balance down to 78% of purchase value, or be reappraised at a high enough value to make your LTV 78%. Might be 80 but same idea

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Thanks, really helpful.

That said, it’s not a percent. You should not pay extra per month until you can pay a lump sum down to the threshold. PMI is a step function

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Yea eventually once you pay a certain amount of your mortgage it naturally comes off

🙄

Marry a veteran or doctor

Also wondering the same thing...

Different mortgagers will have different requirements in the specifics which change over time. When I ask Wells Fargo, they mailed me a list of options. (Why they couldn’t just tell me over the phone idk). None worked for me at the time. A few years later they changed their policies and I was able to get out of it.

To remove my PMI, I had to pay for an appraisal. TBH, even though my lawyer told me that the $600 PMI would come off my monthly payment after 3 years, it was really only about $40/month less on the mortgage payment.

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