How do I get rid of PMI after I gain equity in my home?

If you put less than 20% down, you're likely paying private mortgage insurance (PMI), but it doesn't have to last forever. On conventional loans, you can request cancellation once your balance reaches 80% of the home's original value, and lenders must automatically drop it at 78%. If your home has appreciated, you may reach the 20% equity mark faster than the schedule predicts – you can ask the lender to cancel based on a current appraisal, which you typically pay for. Note that FHA mortgage insurance often can't be canceled the same way and may require refinancing into a conventional loan to remove. Dropping PMI can save a meaningful chunk each month, so track your balance and home value and request cancellation as soon as you qualify.