Rocket's public guidance distinguishes equity from payments, home improvements, market appreciation, and refinance paths. Start by identifying which situation fits your loan.
Equity source
If your balance dropped because of regular payments, the request is different from a request based on rising home value or major improvements. Rocket's public guidance notes that the route can depend on how the equity was created.
Calculator use
A valuation process can take time and may cost money. Before you ask Rocket Mortgage to review PMI, confirm that your estimated LTV is low enough to make the request worth pursuing.
Loan type
Rocket Mortgage services both conventional and FHA loans. If the charge is FHA mortgage insurance premium, the removal path may be different and could involve refinancing rather than a conventional PMI request.
FAQ
Rocket's public guidance says requests may be based on market value or home improvements, but requirements can differ. Expect a servicer-controlled valuation.
Rocket states that lenders usually cancel PMI automatically once enough balance has been paid down to reach 22% equity.
For conventional PMI, not always. For some FHA MIP situations, refinancing may be the practical way to remove mortgage insurance.
The fastest way to make the next step concrete is to run the calculator and see whether your LTV, loan type, and PMI amount point toward a cancellation review.
Start the free checkRelated
PMI Removal Calculator
Use the free PMI removal calculator to check your loan-to-value ratio, estimate monthly savings, and see whether a conventional PMI cancellation request may be worth reviewing.
FHA MIP vs Conventional PMI
Compare FHA mortgage insurance premiums (MIP) with conventional private mortgage insurance (PMI), including why conventional PMI is usually easier to cancel.