Refinance into a new loan with at least 20% equity
Request cancellation of private mortgage insurance once your loan balance reaches 80% of the home’s original value
Wait for automatic termination of private mortgage insurance at 78% of the home’s original value if you are current on payments
Make extra principal payments to build equity faster
Get a new home appraisal if your lender allows it and your home value has increased
Pay down the loan to the required equity threshold
Refinance from an FHA loan into a conventional loan
Put down at least 20% when buying a home to avoid mortgage insurance
Check your loan type and lender rules for cancellation requirements