Question 1

How do I remove PMI from my Utah mortgage?

Accepted Answer

Under the federal Homeowners Protection Act (HPA), you can request PMI cancellation once your loan balance reaches 80% of your home’s original purchase price. If your home has appreciated, you may qualify even sooner by submitting a written request to your lender with evidence of current market value. EquityUp uses public GIS assessor data to generate a lender-ready PMI removal report, including the exact letter language your lender is legally required to respond to within 30 days.

Question 2

What is the Homeowners Protection Act and how does it apply to my loan?

Accepted Answer

The Homeowners Protection Act (HPA) is a federal law that gives homeowners the right to cancel PMI once their loan-to-value (LTV) ratio reaches 80%. Lenders must automatically terminate PMI at 78% LTV based on the original amortization schedule. If your home value has increased, you can request cancellation before that milestone — but you must submit a written request. EquityUp prepares that request letter using the exact HPA language banks are required to respond to.

Question 3

How much equity do I need to remove PMI?

Accepted Answer

For most conventional loans, you need at least 20% equity (80% LTV or lower) to request PMI cancellation. Some lenders require 25% equity (75% LTV) for investment properties or non-owner-occupied homes. EquityUp’s free LTV audit shows your current loan-to-value ratio using public GIS assessor data for your property — no appraisal required to get started.

Question 4

What is an LTV ratio and why does it matter for PMI?

Accepted Answer

LTV stands for Loan-to-Value ratio — it is your remaining loan balance divided by your home’s current market value. If you owe $320,000 on a home worth $400,000, your LTV is 80%. PMI is typically required when LTV exceeds 80% at the time of purchase. Once your LTV drops to 80% through payments or appreciation, you have the right to request PMI removal. EquityUp calculates your LTV using public county assessor records for Wasatch Front properties.

Question 5

Is EquityUp a lender or loan servicer?

Accepted Answer

No. EquityUp is a data-driven education and document preparation service. We use public GIS data to analyze your home equity and prepare lender-ready PMI removal reports and request letters. We do not originate loans, service mortgages, or contact lenders on your behalf. The homeowner is always the one who submits the PMI removal request — EquityUp gives you the data and documents to do it with confidence.

Question 6

Does removing PMI require an appraisal in Utah?

Accepted Answer

It depends on your lender and loan terms. Most servicers require a Broker Price Opinion (BPO) or full appraisal — typically $150 to $650 — before approving a PMI cancellation request based on appreciated value. EquityUp lets you check your LTV for free in under 2 minutes using publicly available Utah County, Salt Lake County, Davis County, and Weber County GIS assessor data. Knowing your baseline equity position before your lender orders a paid valuation means you can confirm you’re likely to qualify — without spending $150–$650 to find out. Our Strategy Session includes a BPO and appraisal prep briefing so you know exactly what to expect from your lender’s review.

Question 7

How long does PMI removal take in Utah?

Accepted Answer

Under the Homeowners Protection Act, your lender must respond to a written PMI cancellation request within 30 days. The full process — from submitting your request to receiving confirmation — typically takes 30 to 90 days depending on your lender’s review requirements. EquityUp’s Strategy Session includes a 30-minute call to walk through the submission process and, if the first request is denied, an escalation letter to continue the process.

Question 8

What is the difference between conventional PMI and FHA MIP?

Accepted Answer

Conventional PMI (Private Mortgage Insurance) can be canceled once you reach 20% equity, either through loan payments or home appreciation. FHA MIP (Mortgage Insurance Premium) follows different rules: for FHA loans originated after June 2013 with less than 10% down, MIP is required for the life of the loan and cannot be canceled — refinancing to a conventional loan is typically the only exit. EquityUp classifies your loan type during the free audit and routes FHA borrowers toward the appropriate strategy.

Question 9

How much does a PMI appraisal cost in Utah?

Accepted Answer

A lender-ordered appraisal to support a PMI removal request in Utah typically costs between $150 and $650, depending on whether your servicer requires a full URAR appraisal or a broker price opinion (BPO). Before paying for any valuation, EquityUp lets Wasatch Front homeowners — in Utah County, Salt Lake County, Davis County, and Weber County — check their current loan-to-value (LTV) ratio for free using public GIS assessor data. The check takes under 2 minutes. If your LTV is already at or below 80%, you have the baseline evidence to open a PMI removal request under the Homeowners Protection Act before spending anything on a lender-ordered valuation.

Question 10

Can I check my home equity for free before ordering an appraisal?

Accepted Answer

Yes. EquityUp provides a free LTV audit for Utah homeowners that takes under 2 minutes and uses live Wasatch Front county assessor data — no appraisal required to get started. Enter your address and current loan balance, and EquityUp instantly calculates your loan-to-value ratio from public GIS records for Utah County, Salt Lake County, Davis County, and Weber County. If your LTV is at or below 80%, you have grounds to submit a PMI cancellation request under the Homeowners Protection Act. Only then — if your lender requires a formal valuation — would you need to spend $150–$650 on a lender-ordered appraisal or BPO.

Remove PMI in Utah — Free LTV Audit for Wasatch Front Homeowners

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Service Area — Wasatch Front, Utah

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