Under the new law, you can request early PMI cancellation when your remaining mortgage balance is 80 percent of the current market value of your home. Here s how to calculate how much your home must be worth in order to request PMI cancellation. The answer is what the current market value of your home must be in order to request PMI cancellation. There are a number of things which could cause the value of your home to rise. Major home improvements can increase market value.
Some improvements add more value than others, and most contribute much less than their cost.
Rising values in the local real estate market can increase the market value of your home. Be sure to find the actual selling prices. Listing prices can be considerably higher than the selling price. Refinancing The average age of an insured loan is only four years, probably because most borrowers refinance when they have enough equity. If you have at least 20 percent in home equity, refinancing might be your best option, especially if you can get a lower interest rate.