Property Valuations when Canceling PMI

Whether you can cancel PMI often depends on the current value of your home, which is determined by a property valuation—unfortunately, we can’t look to home valuation websites and similar sources. 

Here’s what the property valuation process looks like.

You’ve Sent us a PMI Cancelation Request

When you request to cancel your PMI, we’ll let you know if you need a property valuation to continue with your request. We’ll also determine what type of property valuation is required and tell you how much it costs. Regulations require us to order the property valuation for you, so you shouldn’t coordinate your own. 

💡 Tip: If you use our PMI Cancelation Self-Serve tool to request PMI cancelation, the tool will provide you with this property valuation information, and you'll be able to submit your property valuation through the tool. (*Currently, the tool only supports loans owned by Fannie Mae, but Freddie Mac support is coming soon!)

Paying for the Property Valuation

Once you confirm you’d like to move forward with a property valuation, we’ll charge you the property valuation fee. The table below shows the property valuation fees based on the valuation type required (which depends on your property's type and location) and who owns your loan.

You can pay the valuation fee on the Payment page of your online account, where it'll appear under Fees and Charges. If you don't see the fee, try refreshing the page. 

💡 Tip: If you'd prefer to pay by check, you can let us know and we'll work with you to do so—but this process will take longer due to mail delivery times and possible delays.

Coordinating and Completing the Property Valuation

After receiving your payment, we’ll order you a property valuation. Here’s what to expect next:

• Within two weeks, a property inspector will contact you directly to set up a time to come evaluate your property. 
• The property valuation will take place. The inspector will likely need access to your home's interior and exterior, so you’ll want to make arrangements accordingly. 
• Your loan’s owner will review the property valuation results and determine whether you can cancel your PMI. We have no say in this determination, and it may take the loan owner up to 3 weeks or more. Once a determination is made, your loan’s owner will give us the results. 
• We’ll then promptly let you know whether your PMI has been canceled and provide you with a copy of the property valuation. 

All in all, the entire process typically takes 30-45 days, and we’ll do everything in our power to move it along as swiftly as possible.