PMI Removal Appraisals in Miami-Dade County — Home Value Inc

What Is a PMI Removal Appraisal?

A PMI removal appraisal is a certified, USPAP-compliant written report that establishes the current market value of a mortgaged property, enabling the homeowner to demonstrate to their mortgage servicer that the outstanding loan balance has fallen below 80 percent of the property’s present value. 

Jhovan F. Rojas, FL License RD6109, inspects the property in person, analyzes verified closed sales from the Miami-Dade MLS and Miami-Dade County public records, and delivers a signed report documenting the current market value as of the effective date of the appraisal.

The Homeowners Protection Act of 1998 — also called the PMI Cancellation Act — grants homeowners the statutory right to request PMI cancellation once their loan-to-value ratio reaches 80 percent of the property’s original purchase price. 

However, when a property has appreciated beyond the original purchase price, the HPA allows homeowners to request cancellation based on the property’s current market value — not the original price — provided the mortgage servicer accepts a certified appraisal as evidence. Home Value Inc. provides that evidence.

How the Loan-to-Value Ratio Determines PMI Eligibility

The loan-to-value ratio — LTV — divides the outstanding principal mortgage balance by the property’s appraised value and expresses the result as a percentage. Mortgage servicers use LTV to determine when a homeowner qualifies to cancel PMI.

Miami-Dade property values appreciated significantly from 2021 to 2024. Many homeowners who purchased with less than 20 percent down between 2015 and 2021 now carry enough equity to qualify for PMI removal based on current market value — even if their loan balance has not yet reached 80 percent of the original purchase price. 

A certified appraisal from Jhovan F. Rojas documents the current value, providing the independent evidence the cancellation request requires.

When Miami-Dade Homeowners Qualify for PMI Removal

Miami-Dade homeowners qualify to request PMI cancellation under four distinct conditions. Each condition requires a different type of documentation, and not all servicers accept the same evidence.

Scheduled amortization reaches 80 percent LTV. 

The homeowner’s loan balance has declined to 80 percent of the original purchase price through regular scheduled payments. No appraisal is required — the servicer calculates the date from the original amortization schedule.

Appreciation drives current value above the 80 percent threshold. 

The property’s current market value has exceeded the original purchase price, so the outstanding loan balance now represents less than 80 percent of its current value. A certified PMI removal appraisal from Home Value Inc. is required to document the current value for the servicer. 

This is the most common scenario for Miami-Dade homeowners who purchased between 2015 and 2021 and have seen significant appreciation since closing.

Renovations increase property value above the threshold. 

The homeowner has made documented improvements — a kitchen remodel, bathroom addition, hurricane impact window installation, or roof replacement — that have materially increased the property’s market value. 

A certified appraisal documents the post-renovation value, enabling the servicer to recalculate LTV. For a full breakdown of which upgrades carry the most weight in Miami-Dade appraisals, see the firm’s article on how to prepare for a home appraisal in South Florida.

Refinancing into a new loan below 80 percent LTV. 

The homeowner refinances the existing mortgage, and the new loan amount represents less than 80 percent of the appraised value at the time of refinancing. The lender orders an appraisal as part of the mortgage refinancing process — if the appraisal confirms sufficient equity, the new loan can be issued without PMI.

Additional Servicer Requirements for PMI Cancellation

Reaching the 80 percent LTV threshold is necessary but not always sufficient for PMI cancellation. Most mortgage servicers impose additional conditions before processing a removal request.

Homeowners uncertain whether their loan satisfies the servicer’s seasoning or payment history requirements should contact the mortgage servicer directly before ordering an appraisal. 

Home Value Inc. does not refund appraisal fees if the servicer declines a cancellation request for reasons unrelated to the appraised value. 

For guidance on timing a PMI appraisal correctly, see the firm’s article on when to seek a PMI appraisal in Miami-Dade County.

How Home Value Inc. Completes a PMI Removal Appraisal

Home Value Inc. follows a four-stage process specifically calibrated for PMI removal assignments in Miami-Dade and Broward County — different in scope and emphasis from a purchase or refinance lending appraisal.

Stage 1 — Eligibility screening. 

Jhovan F. Rojas reviews the homeowner’s estimated current loan balance and purchase price before scheduling the inspection. If the numbers indicate the LTV is unlikely to reach 80 percent even with favorable comparable sales, Rojas advises the homeowner before any fee is collected, so no homeowner pays for an appraisal that cannot support a successful removal request.

Stage 2 — On-site inspection focused on value drivers. 

The appraiser inspects the property with particular attention to post-purchase improvements, deferred maintenance, and changes in condition since the original appraisal. 

Miami-Dade properties appreciate unevenly across sub-markets — a Coral Gables single-family home and a North Miami condominium require different comparable sales sets and different adjustment frameworks. 

Rojas applies sub-market knowledge built across nearly 20 years of active Miami-Dade appraisal practice.

Stage 3 — Comparable selection targeting current market value. 

The appraiser selects the most recently closed comparable sales within the subject’s competitive market, applies market-condition adjustments for the time elapsed since the original purchase, and documents every adjustment so the servicer’s underwriter can verify the reasoning without requesting revisions.

Stage 4 — Certified report formatted for servicer submission. 

The signed, USPAP-compliant report specifies the current market value as of the effective date, identifies the intended use as PMI removal, and names the mortgage servicer as the intended user — the two formatting requirements most servicers impose that a general value appraisal does not satisfy. 

Most PMI removal appraisal reports are delivered within three to five business days of the on-site inspection. For a breakdown of factors affecting turnaround in Miami-Dade, see the firm’s article on Miami-Dade appraisal timelines.

PMI Removal Appraisal Fees in Miami-Dade

Home Value Inc. provides firm quotes during the eligibility screening call. Fees below reflect standard Miami-Dade ranges for PMI removal appraisal assignments as of March 2026.

Find out if your Miami-Dade home qualifies for PMI removal. Call Home Value Inc. at (786) 357-6511 for a free eligibility screening with Jhovan Rojas before you order the appraisal.

PMI Removal Appraisal vs. Other PMI Cancellation Methods

The fastest path to PMI cancellation for most Miami-Dade homeowners who purchased between 2015 and 2021 is a certified PMI-removal appraisal documenting the current market value. 

South Florida property appreciation during that period means many homeowners now carry 25 to 40 percent equity — well above the 80 percent LTV threshold — without their servicer knowing it. 

A certified appraisal from Home Value Inc. puts that evidence in the servicer’s hands within two to four weeks of the order.

Your PMI Rights Under Federal Law

The Homeowners Protection Act of 1998 establishes three federal rights every conventional mortgage borrower holds regarding PMI. 

First, the servicer must automatically cancel PMI when the scheduled loan balance reaches 78 percent of the original purchase price, provided payments are current. 

Second, the borrower may submit a written cancellation request when the balance reaches 80 percent of the original value. 

Third, the borrower may request cancellation based on current appraised value — not just the original purchase price — if the servicer accepts a certified appraisal as evidence of increased equity.

FHA loans operate under different rules. The HUD Mortgage Insurance Premium rules under 12 U.S.C. § 1709 govern FHA MIP cancellation — FHA mortgage insurance does not cancel under the same LTV thresholds that apply to conventional PMI. 

Homeowners with FHA loans who want to eliminate mortgage insurance typically must refinance into a conventional loan. 

Home Value Inc. does not process FHA MIP cancellation appraisals but completes general value appraisals that homeowners can use to evaluate refinance options.

If a mortgage servicer refuses to cancel PMI after a homeowner has satisfied all HPA requirements, the homeowner may file a complaint with the Consumer Financial Protection Bureau.

Service Area — PMI Removal Appraisals

Home Value Inc. completes PMI removal appraisals across all of Greater Miami-Dade County, including Aventura, Bal Harbor, Bay Harbor Islands, and Biscayne Park, as well as Miami, Miami Beach, Coral Gables, Hialeah, Doral, Kendall, Homestead, North Miami, Sunny Isles Beach, and all other incorporated municipalities in Miami-Dade County. 

The firm also accepts PMI removal appraisal assignments throughout Broward County.

Frequently Asked Questions 

What is a PMI removal appraisal, and how does it work? 

A PMI removal appraisal is a certified, USPAP-compliant report that establishes a property’s current market value, enabling the homeowner to demonstrate to their mortgage servicer that the outstanding loan balance is below 80 percent of today’s value. Jhovan F. Rojas, FL License RD6109, inspects the property in person and delivers the signed report the servicer requires to process the cancellation request.

How much equity do I need to remove PMI in Miami-Dade? 

Most conventional mortgage servicers require that the outstanding loan balance be 80 percent or less of the property’s current appraised value before processing a PMI cancellation request. Fannie Mae guidelines impose an additional seasoning requirement: loans between two and five years old require a 75 percent LTV; loans older than five years require 80 percent LTV. Call (786) 357-6511 to confirm which threshold applies to your loan.

Does Home Value Inc. screen eligibility before charging a fee? 

Yes. Jhovan F. Rojas reviews the homeowner’s estimated current loan balance and purchase price before scheduling an inspection. If the numbers indicate the property is unlikely to appraise at a value sufficient to support the cancellation request, Rojas advises the homeowner before collecting any fee.

How long does a PMI removal appraisal take in Miami-Dade? 

Home Value Inc. delivers most PMI-removal appraisal reports within 3 to 5 business days of the on-site inspection. Rush delivery within one to two business days is available at an additional fee for homeowners with time-sensitive service deadlines.

Can renovations help me qualify for PMI removal? 

Yes. Post-purchase improvements — kitchen remodels, bathroom additions, hurricane impact window installations, and roof replacements — increase a property’s market value and can push the LTV below the 80 percent cancellation threshold. A certified PMI removal appraisal from Home Value Inc. documents the post-renovation value the servicer needs to recalculate LTV and process the cancellation request.

Does a PMI removal appraisal work for FHA loans? 

No. FHA mortgage insurance premium cancellation follows separate HUD guidelines and does not use the same LTV thresholds that govern conventional PMI. FHA borrowers who want to eliminate mortgage insurance typically must refinance into a conventional loan. Home Value Inc. completes general value appraisals that FHA borrowers can use to evaluate whether a refinance makes financial sense.

What happens if the appraisal does not support PMI removal? 

If the appraised value does not push the LTV below the servicer’s cancellation threshold, the homeowner retains the certified appraisal report, but the PMI cancellation request will not succeed. Home Value Inc. completes a pre-order eligibility screening to reduce this outcome, but appraisal fees are not refunded if the certified value, accurately determined, does not meet the threshold.

Which mortgage servicers accept Home Value Inc. PMI removal appraisals? 

Home Value Inc. appraisals are USPAP-compliant, signed by a Florida-certified appraiser, and formatted to identify the servicer as the intended user and PMI removal as the intended use — the standard requirements most conventional mortgage servicers impose. Homeowners should confirm their specific servicer’s appraisal requirements before ordering by calling the servicer’s PMI cancellation department directly.

Call Home Value Inc. at (786) 357-6511 or contact Jhovan Rojas online to schedule your Miami-Dade PMI removal appraisal and receive a same-day eligibility screening.