Private mortgage insurance or PMI is a risk-management product, and while it can help lenders tremendously, it won’t do much for you. PMI works by protecting lenders from borrowers who default, but the problem for borrowers is that they must pay for it, which means borrowers pay more on their monthly mortgage payments. Borrowers must make these payments until they have accumulated sufficient equity in their home. Many lenders will require PMI, but fortunately some lenders may not require PMI. Even when refinancing, you can avoid PMI by finding a lender willing to work with you, for you. Work with these top lenders, SoFi Loans, Quicken Loans and Lending Tree, to get your best rate.

Top 3 Ways to Refinance Without Pmi

  • SoFi Loans
  • Quicken Loans
  • Lending Tree

SoFi Loans

SoFi is a mortgage lender that is proud to help people find a mortgage that is right for them. SoFi prides itself on helping borrowers find real savings wherever they can, including when they need to refinance their mortgage. Their non-PMI mortgages offer great interest rates and monthly savings. They offer non-PMI mortgage refinancing with values up to three million dollars. Qualified borrowers can get 3.225% APR with no origination or lender fees. You have your choice between 15 or 30 year term fixed rate mortgages and an adjustable rate mortgage. Those interested in a SoFi refinance can qualify through their flexible debt-to-income ratio standards with payments up to 43%, which is higher than many other lenders. Borrowers with SoFi can refinance with 80% LTV maximum or cash-out refinance with 65% LTV. Finally, if you are seeking to refinance your mortgage to better afford student loan payments, SoFi is a Fannie Mae approved lender to allow you to lower your rate and leverage your home equity to pay off student debt. Most applications are closed within 30 days.


  • 3.225% APR
  • No origination or lender fees
  • Refinance with 80% maximum LTV

Quicken Loans

Quicken Loans is one of the most trusted names in mortgage lending. Refinancing your home with Quicken is a fairly simple process, and they have the PMI Advantage, which allows you to eliminate your monthly mortgage insurance payment. If you had a down payment of less than 20% and you don’t have sufficient equity to defeat a PMI requirement, a refinance loan with PMI Advantage may be right for you. Similarly, if you plan on moving within 15 years or simply do not want to pay the PMI payment, Quicken may be able to help. The way it works is Quicken makes the payment for you, so you get all the benefits of a mortgage refinance with PMI except you’re not accountable for making the payment yourself. You can find a useful tool on the PMI Advantage page of the Quicken Loans website to get a better idea of your payment and what a Quicken refinance will look like for you financially.


  • For borrowers with less than 20% down payment
  • Low equity okay
  • Quicken makes the payment for you

Lending Tree

Lending Tree understands that when you refinance your home, you are looking to save money either in the short term with lower monthly payments or in the long run by only paying the home’s actual value. Refinance interest rates may be higher than your initial mortgage interest rate, especially if you take a cash-out option to maximize your cash on hand. In addition, if you used an FHA loan with the interest rate usually reserved for first time homebuyers, you may need to pay the current rate for your refinance interest rate. Lending tree can help you find the right individual lender for your budget with differing finance rates of around .25% and .5%. Don’t let the small number fool you: the difference between those two numbers can be thousands of dollars. Let Lending Tree do the work for you in finding the refinancing lender for your needs.


  • Rates differ between .25% and .5%
  • FHA loans may have higher refinance rates
  • Find a loan between 15 and 30 year term


Finding the right refinancing loan can be difficult, especially if you want to avoid costly PMI payments. It’s a big decision to refinance your home, but you don’t have to do it alone. With Lending Tree, Quicken, or SoFi, you can find the right loan for you.