How to eliminate PMI

[Michael Salamone]

Hello there,

My question is, how can I eliminate my PMI? I know the simple answer is throw in a bunch of equity.

However, let's say hypothetically (nudge nudge) I have a property I purchased at $250k with an FHA loan (3.5% down of course), and I believe through passive and forced appreciation, the property is now worth say $300k (nudge nudge). Basically, $50k in equity based on appreciation.

Now I have not had any appraisals nor spoken to any banks about this yet. But, is there any way I can eliminate you PMI to lower my monthly payments and increase my cash flow if I believe I now have the equity to satisfy the bank? Or did I just describe refinancing?

IF the answer is yes I need to refinance, what are some experiences/things I should do or expect? I have never refinanced before and it seems like a large hurdle

Best,

Michael