into a conventional loan. If you got the FHA loan after June 2013, refinancing is the only way to get rid of PMI. Now is probably a great time, with property values in most areas going up but interest rates still very low.

If you got the FHA loan 5 years ago or more and are still paying PMI, you should contact whoever is servicing your loan and ask them to remove the PMI. You got your loan under different circumstances than those who got theirs after June 2013, and are eligible to have PMI removed without refinancing, assuming 78% or less loan to value.

Finally, if you are confused and think that PMI is an insurance that can help you (yes, there are some people who think that for some reason), please note that it only benefits the lender. You are paying more because you have a riskier loan, but with or without PMI if you go into default the consequences will be the same for you.

I'm not in the mortgage industry, but I used to be. That means I have some knowledge of the industry and am also not trying to sell anything.