Mortgage insurance · Hampton Roads, Virginia
Think it may be time to remove PMI?
A stronger home value may help with some PMI removal requests. The first move is finding out which rules your loan servicer uses and whether it will accept an appraisal you order. After confirming your servicer’s process, read about documenting renovations for an improvement-based request.
Once you know the requirements, Joseph T Ellington Jr, a Virginia Licensed Residential Appraiser, can discuss a residential value opinion for your property.
call your servicer.
Ask whether your request is based on the loan’s original value or the home’s current value. Also ask who must order the valuation, which report types it accepts, whether a fee applies, and whether the loan is old enough to qualify. These answers determine whether a private appraisal is worth ordering.
Know your route
There is more than one path to PMI cancellation
PMI rules depend on the loan and the reason for the request. A higher value today is not the same thing as paying the balance down against the home’s original value.
Balance reaches 80%
For many covered conventional loans, you can request cancellation when the balance is scheduled to reach 80% of the home’s original value, or reaches that point sooner through extra payments. Payment history and other conditions apply.
Balance reaches 78%
PMI generally ends automatically when the scheduled balance reaches 78% of original value if payments are current. This is based on the loan schedule, not a new appraisal showing appreciation.
Appreciation or improvements
Some loan investors permit a borrower-initiated request based on today’s value. The waiting period, loan-to-value threshold, and valuation ordered by the servicer can differ from the original-value path.
Read the CFPB’s PMI cancellation explanation and ask your servicer which rules govern your own loan.
The key distinction
Original value and current value answer different questions
| Question | Original-value route | Current-value route |
|---|---|---|
| What value matters? | The value set when you bought or refinanced, as defined for the loan. | A newly determined value under the servicer’s or investor’s process. |
| Is a new appraisal always needed? | No. A servicer may require evidence that value has not fallen, but ask what it actually needs. | A valuation may be required. The servicer may have to order it through its own approved process. |
| What should you ask first? | “What is my original value, current principal balance, and earliest request date?” | “Does my loan allow a current-value request, and what valuation will you accept?” |
For example, a $240,000 principal balance divided by a $300,000 original value equals 80% loan-to-value. That arithmetic alone does not establish eligibility; your servicer also checks the applicable loan requirements. Fannie Mae’s servicing guide shows how current-value rules can differ.
Before paying for a report
Four questions to ask your loan servicer
- Am I paying borrower-paid PMI on a conventional loan, or a different form of mortgage insurance?
- Can I request cancellation now based on original value, or do I need a current-value review?
- Who must order the valuation, and will you accept a report I commission myself?
- What are the payment history, loan age, improvement, fee, and submission requirements?
Write down the answers. If your servicer will accept an independent report, send us its instructions before scheduling.
Run the numbers first
Would an appraisal cost make sense?
Check the PMI amount on your mortgage statement and the fee your servicer would charge for an accepted valuation. Compare that cost with the monthly PMI you might stop paying if the request is approved.
See our PMI appraisal cost guide for a fuller cost comparison. Confirm your servicer accepts the assignment before requesting a private appraisal.
When a report fits
What Joe’s residential appraisal can provide
If an appraisal is appropriate for your situation, Joe develops a supported opinion of the property’s value. The servicer decides whether it can use that report and whether PMI can be removed.
Share the instructions
Tell Joe the property address, the loan servicer’s exact requirements, who will use the report, and any deadline.
Inspect and research
Joe reviews the home, relevant improvements, comparable sales, and local market evidence for the assignment.
Receive the value opinion
You receive the agreed report. Submit it only through the process your servicer has confirmed; the appraisal itself does not cancel PMI.
Keep records of additions or substantial renovations. Basic maintenance and a major improvement may be treated differently under some investor rules.
Answers homeowners need
PMI removal appraisal FAQs
Will a higher appraisal automatically remove my PMI?
No. The servicer decides under your loan’s rules. It may require a particular valuation provider, loan age, payment history, or loan-to-value ratio. Confirm those details before buying a private appraisal.
Does 20% equity always mean I qualify?
No. The common 80% request rule uses the loan’s original value; a request based on current value can have different investor requirements. Ask your servicer which calculation applies to your loan.
Can I use my county tax assessment or an online estimate?
Ask your servicer what valuation it accepts. An assessment or automated estimate may serve a different purpose than the valuation required for a PMI cancellation request.
Does this work the same way for FHA mortgage insurance?
No. FHA mortgage insurance and conventional borrower-paid PMI follow different rules. Tell your servicer the loan type and ask for the specific cancellation options available to you.
Could improvements help me request cancellation sooner?
Some current-value programs consider qualifying improvements under particular conditions. Keep permits, invoices, and details of the work, and ask your servicer what it considers a qualifying improvement and when you may apply.
What if I’m also considering a refinance?
A refinance is a separate loan decision with costs and lender requirements. Read about our mortgage refinancing appraisals and compare options with your lender before choosing a route.
Keep exploring
Need a different kind of home value?
If you are also deciding whether to sell, see our pre-listing appraisal service. If you are purchasing, explore purchase appraisals. Learn about Joe Ellington, browse all services, or read our home appraisal articles.
Local appraisal service
Serving Hampton Roads and the Peninsula
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Watch the video
PMI removal appraisal video
Watch the video from our original PMI removal page.
Ready when you know the requirements
Tell Joe what your servicer needs.
Send your property address, the instructions your servicer gave you, the intended use, and your timing. Joe can discuss whether his appraisal fits and provide a quote.
