PMI Removal Appraisals

If you bought your home with a down payment of less than 20%, your conventional loan likely includes private mortgage insurance (PMI). PMI is a monthly premium that protects the lender, not you, and it can add a meaningful amount to your payment for years. As you pay down your loan balance and as local home values rise, you may reach a point where your equity justifies asking the lender to cancel that coverage. A PMI removal appraisal gives you a current, independent, well-supported opinion of your home's market value to support that request.

SC Real Estate Appraisals prepares residential appraisal reports for homeowners across Jacksonville and the surrounding northeast Florida communities who want to document their property's present value. The appraisal is an objective, USPAP-compliant opinion of value — not a guarantee that PMI will be removed — and it gives you and your servicer a credible data point for the conversation.

How PMI Removal Typically Works

PMI cancellation on conventional loans is generally tied to your loan-to-value (LTV) ratio reaching a specific threshold, often when your equity reaches 20% of the home's original value or current appraised value, depending on the loan terms and applicable rules. The exact requirements, timing, and whether a borrower-ordered appraisal will be accepted are set by your lender or loan servicer and by federal protections such as the Homeowners Protection Act. Before ordering an appraisal, contact your servicer to confirm the process, the value threshold that applies to your loan, and the documentation they require.

Once you understand those requirements, a current appraisal can document the market value of your home as of today. If that supported value shows sufficient equity, the report becomes part of the package you submit to request cancellation. Keep in mind that an appraisal supports your case; it does not bind the lender to a decision.

What the Appraiser Evaluates

For a current-value PMI removal appraisal, the appraiser inspects the property (interior and exterior, depending on the assignment scope) and analyzes recent sales of comparable homes in your market. The report considers the home's living area, lot size, condition, construction quality, updates and renovations, bedroom and bathroom count, and location relative to comparable sales. Features that differ between your home and the comparables — such as a renovated kitchen, added square footage, or a finished area — are analyzed for how they relate to value, but no single feature adds a fixed amount. The conclusion is a supported opinion, not a predetermined result.

You can help by preparing a list of improvements made since purchase, with dates and permits where available. Permits and receipts for major work — roofs, HVAC, additions, kitchen and bath remodels — help the appraiser accurately reflect the current condition of the home.

Current Value vs. Your Original Purchase Appraisal

A PMI removal appraisal establishes value as of the current date, based on today's market and the home's present condition. It is different from the appraisal performed when you bought or refinanced, which reflected conditions at that earlier date. Local markets shift over time, so the comparable sales selected and the adjustments made will reflect what is selling in your area now, not when you closed.

Jacksonville & Surrounding Northeast Florida

Property values vary substantially across our service area — from established Jacksonville neighborhoods to growing communities in Clay and St. Johns counties, coastal areas in Duval and Nassau, and inland markets in Baker County. Because comparable selection depends heavily on location, working with an appraiser familiar with northeast Florida helps ensure the right sales are used to support your home's current value. Our coverage includes Duval, Clay, Nassau, Baker, and St. Johns counties.

Request Your PMI Removal Appraisal Quote

If you believe you have enough equity to request PMI cancellation, start by confirming your servicer's requirements, then document your home's value with an independent appraisal. Request a free quote online with your property address and loan details, or call 904-830-9770 to speak with a certified residential appraiser about your situation.