Can FHA PMI be removed?

Can FHA PMI be removed?

Getting rid of PMI is fairly straightforward: Once you accrue 20 percent equity in your home, either by making payments to reach that level or by increasing your home’s value, you can request to have PMI removed. Jan 20, 2021

Can you appraise your house to get rid of PMI?

For homeowners with a conventional mortgage loan, you may be able to get rid of PMI with a new appraisal if your home value has risen enough to put you over 20 percent equity. However, some loan servicers will re-evaluate PMI based only on the original appraisal.

Is mortgage insurance tax deductible?

Yes, through tax year 2020, private mortgage insurance (PMI) premiums are deductible as part of the mortgage interest deduction.