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As the buyer, you don't choose your PMI provider. Instead, lenders arrange PMI directly with their provider of choice, so you don't have to take any additional steps. PMI rates may vary among lenders and mortgage types. That means you don't have to worry about remembering an extra payment or providing proof of PMI. Instead, your lender charges you for it automatically. There are a few ways to handle PMI payments. Some lenders may let you choose a payment method.
Others require you to agree to a specific option. The most common PMI payment methods include:. On average, PMI costs range between 0.
How much you pay depends on two main factors:. Lenders typically maintain charts that show the PMI percentage to charge in various situations. You can ask your lender for a specific percentage to make your calculations easier. Then follow these steps:. To determine when your loan will reach the point where you no longer need PMI, lenders use an amortization schedule. In most cases, you can't reduce or get a refund for part of your upfront premium.
You may qualify for early PMI termination if you meet the following criteria:. Call your lender to cancel PMI early if you meet these qualifications.
Typically, your lender will request a broker price opinion BPO to confirm the current market value of your home. Your lender needs this data to calculate your current LTV. If the value of your home has decreased significantly, your LTV may have increased, which could disqualify you for early PMI termination.
As the borrower, you generally have to pay for the BPO or appraisal, which could cost a few hundred dollars. Depending on your monthly premium, however, ending PMI early could save you hundreds or thousands of dollars.
In many cases, you can avoid paying PMI altogether. Some of the following strategies could help you save on PMI costs. I agree to receive the Forbes Advisor newsletter via e-mail. Please see our Privacy Policy for more information and details on how to opt out. Was this article helpful? Share your feedback. Send feedback to the editorial team. Rate this Article.
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