Cancel your PMI yourself.
We’ll show you exactly how.
We want every homeowner to stop overpaying on PMI — whether you hire us or not. This kit has everything you need to do it on your own: your legal rights, the step-by-step plan, a word-for-word phone script, and a ready-to-send cancellation letter.
Free forever, no card. Create a free account and track every step from your own dashboard — we save your progress, walk you through each step, and give you the phone script and letter builder along the way.
Know your rights first.
The Homeowners Protection Act of 1998 is the federal law that gives you the right to cancel PMI. On top of that, Fannie Mae and Freddie Mac — the two government-backed companies behind most conventional mortgages — publish their own guidelines that often let you cancel even sooner. Here’s what you’re entitled to:
At 80% — you can request it
Once your loan balance hits 80% of your home's original value, you have the right to request cancellation in writing. You must be current on payments with a good payment history, and your servicer can ask for proof the value hasn't dropped.
At 78% — it must end automatically
When the balance reaches 78% of the original value, your servicer is required to terminate PMI automatically — you shouldn't even have to ask, as long as you're current.
Loan midpoint — the backstop
If neither of those has happened by the halfway point of your loan term (year 15 of a 30-year loan), PMI must be terminated then regardless — as long as you're current.
Home gone up in value? Even faster
The rights above use your home's original value. But Fannie Mae and Freddie Mac guidelines also let you cancel based on today's market value: once your loan is 2+ years old at 75% LTV, or 5+ years old at 80% LTV of the current value, proven with an appraisal or broker price opinion. Because Fannie or Freddie back most conventional loans, this current-value fast lane is open to most homeowners — years ahead of schedule in an appreciating market.
Two exceptions to know
FHA loans carry MIP, not PMI — it’s set by federal rules and usually can’t be canceled without refinancing. And lender-paid PMI is baked into your rate, so there’s nothing to cancel. Everything on this page applies to borrower-paid PMI on conventional loans.
Not sure who backs your loan?
The current-value fast lane depends on Fannie Mae or Freddie Mac owning your loan. Check for free in a minute with their official lookup tools: Fannie Mae and Freddie Mac.
The 5-step plan.
This is the same process we run for paying customers. Nothing is held back.
- 1
Confirm you're in range
You need your loan balance at or below ~80% of your home’s value (original or current). The easiest way: run our free eligibility check — we’ll pull an estimate of your home’s current value and your likely PMI, free, no obligation. Prefer full DIY? Our PMI calculator does the math with your own numbers.
- 2
Call your servicer and get their exact rules
Every servicer has its own process — some want an appraisal, some a broker price opinion, some have their own request form. Use the phone script below so you get every answer you need in one call.
- 3
Send your request in writing
A phone call is easy to lose; a dated letter starts the official clock. Use the letter builder below — it fills in a proven template with your details. Send it trackable and keep a copy.
- 4
Get through the valuation
If your request is based on current value, your servicer will order an appraisal or broker price opinion (usually $100–$600, and they choose the vendor — don’t order your own). Our appraisal prep checklist shows how to present your home well without spending money on it.
- 5
Follow up until it's confirmed in writing
Servicers are slow; polite persistence wins. Follow up every two weeks, log every call, and don’t consider it done until you have written confirmation that PMI is removed — then check your next two statements to make sure the charge is actually gone.
Want this plan as a trackable checklist?
Create a free account and run the whole process from your own dashboard — the same tools our paying members get, minus us doing the work:
- The 5 steps as an interactive checklist with your progress saved
- A place to log what your servicer tells you, so nothing gets lost
- Friendly email reminders when your case goes quiet
- One click to hand it all off to us later, if you ever want to
Takes two minutes — your address and email, no card, no catch.
The phone script.
One call, seven questions, and you’ll know your servicer’s exact requirements. The number to dial is on your mortgage statement.
- The full word-for-word script, free
- Log each servicer answer as you go — it drives the rest of your checklist
- Everything saved to your account so nothing gets lost
No password — we email you a sign-in link. No card, no catch.
The cancellation letter.
A ready-to-send request that cites the Homeowners Protection Act and the Fannie Mae / Freddie Mac guidelines, and asks for everything in writing — which is what keeps your request from getting lost.
Fill in your details
Everything stays in your browser. Nothing is saved unless you ask us to email you a copy.
Your letter
September 19, 2026 SWBC Mortgage Attn: PMI Dept PO Box 77412 Ewing, NJ 08628 Re: Request to cancel private mortgage insurance Loan number: [Your loan number] Property address: [Street address], [City, State ZIP] To whom it may concern: I am writing to formally request cancellation of the private mortgage insurance (PMI) on the loan referenced above, as provided for by the Homeowners Protection Act of 1998. I believe the loan-to-value ratio on this property has reached the required threshold based on the home's current market value. Where applicable, I am also requesting cancellation under the current-value guidelines of the loan's investor (including Fannie Mae or Freddie Mac if they own this loan). I am current on my mortgage payments and have a good payment history. Please confirm the following in writing: 1. The exact requirements to cancel PMI on this loan, including whether an appraisal or broker price opinion is required, who orders it, and any fee I would owe; 2. Where and how the valuation must be ordered, if one is required; and 3. Once my request is processed, written confirmation that PMI has been removed and the date of my final PMI payment. I can be reached at [phone] or [email]. Thank you for your prompt attention to this request. Sincerely, [Your full name] [Street address] [City, State ZIP]
Paste it into a document, sign it, and send it however your servicer accepts requests — mail with tracking is safest. Keep a dated copy.
What SWBC Mortgage asks for
Mail the signed letter — that's the record that counts.
- Send it to
- SWBC Mortgage Attn: PMI Dept PO Box 77412 Ewing, NJ 08628
- Online
- swbcmortgage.loanadministration.com
- Phone
- 866-913-2954 · Mon–Fri 8:30am–8:00pm ET
- Valuation
- $595, ordered through SWBC's office only, and valid for 4 months. They will not accept an appraisal you arranged yourself.
- Timing
- If you take the pay-down option, the funds must arrive within 30 days of your original cancellation request or you start over.
Conditions they apply
- Original-value route: if your loan-to-original-value is already 80% or below, no appraisal is needed.
- Current-value route, seasoned 2 to 5 years: you need 75% or less.
- Current-value route, seasoned more than 5 years: you need 80% or less.
Watch out
SWBC will not accept local market trends, tax assessments or home-value websites as evidence of current value. Only their own ordered appraisal counts.
Departments, PO boxes and fees change. We last checked this in September 2026 — confirm it against your own mortgage statement before you send anything. Read the full SWBC Mortgage guide →
If they say no.
A first “no” is often just friction, not the law. Three moves:
Get the reason in writing
Servicers must tell you why a request was denied. "Not eligible" isn't a reason — ask which specific requirement you missed. Half the time it's something fixable, like seasoning that's a month away or a form they never mentioned.
Fix what's fixable, then re-request
Denied on value? You can challenge a low valuation with recent comparable sales, or wait for more appreciation and try again. Denied on seasoning or payment history? Note the date you'll qualify and send a fresh letter then.
Escalate if they're stonewalling
If you meet the legal criteria and your servicer won't act, file a complaint with the Consumer Financial Protection Bureau at consumerfinance.gov/complaint. Servicers must respond to CFPB complaints — it's free and it gets files moving.
More detail: what to do when a lender refuses to remove PMI.
Your servicer’s playbook.
We’ve written step-by-step removal guides for the servicers we deal with most — their quirks, their forms, their timelines.
Chase
Removal guide →
Wells Fargo
Removal guide →
Mr. Cooper
Removal guide →
Rocket Mortgage
Removal guide →
PennyMac
Removal guide →
Newrez
Removal guide →
Freedom Mortgage
Removal guide →
SWBC
Removal guide →
Don’t see yours? The 5-step plan works everywhere, and our full resource library covers the rest.
Rather not deal with any of this?
That’s the other thing we do. We make the calls, file the paperwork, and chase your servicer until PMI is confirmed gone — and you pay nothing unless it works. Switching to the done-for-you version is always an option, even mid-DIY.