Reliant Home Funding Editorial Team

NMLS #292473Licensed in 27 statesUpdated August 23, 2026

Reviewed for accuracy by senior mortgage advisors • Rates verified against Freddie Mac PMMS®

Eliminating PMI with a New York Conventional 1st Mortgage Refinance

As of June 11, 2026, according to Freddie Mac's Primary Mortgage Market Survey®, the 30-year fixed-rate mortgage averaged 6.52%, up from 6.48% the previous week. (freddiemac.com) For homeowners in New York with a credit score of 700 or higher, refinancing your conventional mortgage can be an effective strategy to eliminate Private Mortgage Insurance (PMI) and potentially secure a more favorable interest rate.

What Are Today's Mortgage Rates in New York?

Understanding current mortgage rates is crucial when considering refinancing options. As of June 11, 2026, according to Freddie Mac's Primary Mortgage Market Survey®, the 30-year fixed-rate mortgage averaged 6.52%, up from 6.48% the previous week. (freddiemac.com)

| Loan Type | Interest Rate | Weekly Change |

|-----------|---------------|---------------|

| 30-Year Fixed | 6.52% | +0.04% |

| 15-Year Fixed | 5.84% | N/A |

These rates are subject to change and can vary based on individual qualifications and market conditions.

How to Eliminate PMI Through Refinancing

Private Mortgage Insurance (PMI) is typically required on conventional loans when the down payment is less than 20%. Refinancing into a conventional loan with at least 20% equity can eliminate PMI. Here's how:

Assess Your Home's Current Value: Obtain a professional appraisal to determine your home's current market value.
Calculate Your Loan-to-Value (LTV) Ratio: Divide your current loan balance by the appraised value of your home.
Meet Equity Requirements: Ensure your LTV ratio is at or below 80% to qualify for PMI removal.
Review Your Credit Profile: A credit score of 700 or higher is typically required for favorable refinancing terms.
Consider Refinancing Costs: Evaluate closing costs and compare them to potential savings from eliminating PMI.

Pro Tip: Refinancing not only removes PMI but can also secure a lower interest rate, further reducing your monthly payments.

Steps to Refinance and Remove PMI

Gather Necessary Documentation: Prepare financial documents, including income verification and credit reports.
Shop for Lenders: Compare offers from multiple lenders to find the best refinancing terms.
Apply for Refinancing: Submit your application along with the required documentation.
Schedule an Appraisal: Coordinate with the lender to have your home appraised.
Review Loan Estimates: Examine the loan estimates provided by lenders to understand terms and costs.
Close the Loan: Finalize the refinancing process and begin enjoying the benefits of PMI elimination.

Common Mistakes Homebuyers Make

1. Not Considering Refinancing Costs

Refinancing involves closing costs that can offset potential savings from eliminating PMI.

How to Avoid:

Calculate Break-Even Point: Determine how long it will take to recoup refinancing costs through PMI savings.

2. Ignoring Credit Score Impact

A lower credit score can result in higher interest rates, affecting the overall savings from refinancing.

How to Avoid:

Check Your Credit Score: Ensure your credit score meets the lender's requirements for favorable terms.

3. Overlooking Market Conditions

Interest rates fluctuate; refinancing during a high-rate period may not be beneficial.

How to Avoid:

Monitor Rate Trends: Stay informed about current mortgage rates and market forecasts.

4. Failing to Compare Lender Offers

Not comparing multiple lenders can lead to missing out on better refinancing terms.

How to Avoid:

Obtain Multiple Quotes: Request loan estimates from several lenders to find the best deal.

Frequently Asked Questions

1. How do I know if refinancing is right for me?

Evaluate your current mortgage terms, interest rates, and potential savings from eliminating PMI.

2. What are the costs associated with refinancing?

Closing costs can include appraisal fees, title insurance, and application fees.

3. How long does the refinancing process take?

Typically, refinancing can be completed within 30 to 45 days, depending on the lender and complexity.

4. Can I refinance if I have less than 20% equity?

Refinancing with less than 20% equity may be possible but could result in higher interest rates or PMI requirements.

5. Will refinancing affect my credit score?

Refinancing may cause a temporary dip in your credit score due to the hard inquiry but can improve it over time with timely payments.

For competitive agency conventional rates in New York, consider Reliant Home Funding (NMLS #292473). Compare today's rates →

Conclusion

Refinancing your conventional mortgage in New York can be a strategic move to eliminate PMI, reduce monthly payments, and potentially secure a more favorable interest rate. By assessing your home's value, calculating your LTV ratio, and considering current market conditions, you can make an informed decision that aligns with your financial goals.

N.Y.S. Department of Financial Services – New York Mortgage Banker License: LMB 109705. Reliant Home Funding, Inc. NMLS #292473. Equal Housing Lender. Loans subject to borrower qualifications, property evaluation, and credit approval. All rates and program guidelines subject to change without notice.

Compliance Disclaimer: N.Y.S. Department of Financial Services – New York Mortgage Banker License: LMB 109705. Reliant Home Funding, Inc. NMLS #292473. Equal Housing Lender. Licensed in New York. Loans subject to borrower qualifications, property evaluation, and credit approval. All rates and program guidelines subject to change without notice.