PMI-ACP test Questions - PMI Agile Certified Practitioner Updated: 2023
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Exam Code: PMI-ACP PMI Agile Certified Practitioner test Questions June 2023 by Killexams.com team|
PMI-ACP PMI Agile Certified Practitioner
There are 120 questions for the PMI-ACP® test (20 random questions (called as pre-test) from the 120 questions are not to be counted towards the final score)
All questions are multiple-choice questions with 1 correct answer from 4 choices
The PMI-ACP® test lasts for 3 hours
The PMI-ACP® test is computer-based in most cases (i.e. to be answered on a computer in a selected test centre)
Domain I. Agile Principles and Mindset 16%
Domain II. Value-driven Delivery 20%
Domain III. Stakeholder Engagement 17%
Domain IV. Team Performance 16%
Domain V. Adaptive Planning 12%
Domain VI. Problem Detection and Resolution 10%
Domain VII. Continuous Improvement (Product, Process, People) 9%
DOMAINS AND TASKS
Domain I. Agile Principles and Mindset (9 tasks)
Explore, embrace, and apply agile principles and mindset within the context of the project team and organization.
Domain II. Value-Driven Delivery (4 sub-domains, 14 tasks)
Deliver valuable results by producing high-value increments for review, early and often, based on stakeholder priorities. Have the stakeholders provide feedback on these increments,and use this feedback to prioritize and Boost future increments.
Domain III. Stakeholder Engagement (3 sub-domains, 9 tasks)
Engage current and future interested parties by building a trusting environment that aligns their needs and expectations and balances their requests with an understanding of the cost/effort involved. Promote participation and collaboration throughout the project life cycle and provide the tools for effective and informed decision making.
Domain IV. Team Performance (3 sub-domains, 9 tasks)
Create an environment of trust, learning, collaboration, and conflict resolution that promotes team self-organization, enhances relationships among team members, and cultivates a culture of high performance.
Domain V. Adaptive Planning (3 sub-domains, 10 tasks)
Produce and maintain an evolving plan, from initiation to closure, based on goals, values, risks, constraints, stakeholder feedback, and review findings.
Domain VI. Problem Detection and Resolution (5 tasks)
Continuously identify problems, impediments, and risks; prioritize and resolve in a timely manner; monitor and communicate the problem resolution status; and implement process improvements to prevent them from occurring again.
Domain VII. Continuous Improvement (Product, Process, People) (6 tasks)
Continuously Boost the quality, effectiveness, and value of the product, the process, and the team.
Agile values and principles
Agile frameworks and terminology
Agile methods and approaches
Assessing and incorporating community and stakeholder values
Knowledge sharing/written communication
Building agile teams
Physical and virtual co-location
Global, cultural, and team diversity
Training, coaching, and mentoring
Developmental mastery models (for example, Tuckman, Dreyfus, Shu Ha Ri)
Self-assessment tools and techniques
Participatory decision models (for example, convergent, shared collaboration)
Principles of systems thinking (for example, complex adaptive, chaos)
Agile sizing and estimation
Value based analysis and decomposition
Agile hybrid models
Managing with agile KPIs
Agile project chartering
Agile project accounting principles
PMI's Code of Ethics and Professional Conduct
|PMI Agile Certified Practitioner|
PMI Practitioner test Questions
Other PMI examsPgMP PgMP
PMBOK-5th Project Management 5th Edition
PMI-001 Project Management Professional - PMP (PMBOK 6th Edition)
CAPM Certified Associate in Project Management (CAPM) - 2023
PMI-100 Certified Associate in Project
PMI-200 PMI-Agile Certified Practitioner (PMI-ACP)
PMI-ACP PMI Agile Certified Practitioner
PMI-RMP PMI Risk Management Professional
PMI-SP PMI Scheduling Professional
PMP Project Management Professional - PMP (PMBOK 6th Edition)
PMP-Bundle PMI-001 PMBOK v5(Video Training, Study Guides, QA) Complete Certification Pack
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PMI Agile Certified Practitioner
Agile team A struggles to deliver committed stories due to technical dependencies with team B, which continuously fails to meet its delivery commitments.
What should the agile team lead do?
A. Create a new team to deliver the dependencies, and bring team B under performance management.
B. Conduct a vision-sharing session with the teams to communicate the project's overall goals.
C. Swap team members from both teams so that deliveries are better supported.
D. Discuss negotiating the delivery timelines with team A.
During a Kanban team's daily stand up, an agile coach observes that the team seems disinterested in the work status. While it appears that there are no issues with
flow, there is a marked lack of attention to team effort. When the agile coach queries the team for reasons, members explain that work continues to be scheduled
with no end in sight.
What should the agile coach do?
A. Work with the team to determine points at which to celebrate its work.
B. Provide the team with a break by scheduling a team event.
C. Have the team increase work in progress (WIP) levels to more quickly complete the flow.
D. Rejuvenate the team by temporarily reducing WIP levels.
A globally distributed project team is using email and phone calls as the only way to share information. Delays in resolving issues often occur due to
misinterpreted communications, leading to a lower team velocity.
What steps should the project leader take to Boost knowledge sharing?
A. Meet individually with each team member to identify the issues and relay information to the remaining members through status reports.
B. Establish a live video feed between the dispersed teams to enable spontaneous engagement and collaboration on issues.
C. Request that the customer co-locate the team to overcome the communication issues, as this is the only method to ensure agility.
D. Inform the customer of the challenges and lower velocity of the project to accommodate for the slower delivery pace.
An agile project has three more iterations before the release. There is a lot of report functionality to be created and defects to be cleared. During a daily scrum, a
team member suggests a timebox spike to find a more efficient way to deliver reports.
What should the project leader do?
A. Encourage the team to self-organize and determine how to best complete their existing work and this spike.
B. Encourage the team to complete their just existing work since the team velocity indicates they are already struggling to meet the release goal.
C. Direct the team to defer the spike until the next release and add the action on the backlog for prioritization.
D. Direct the team to work on the spike immediately given the importance of reporting functionality to complete the iteration.
A scrum team has eight developers, but only two are database engineers. During the last few retrospectives, the team identified that most sprint stories are
dependent upon database engineers. This has created a bottleneck in completing stories.
What should be proposed to the team?
A. Have other team developers attend training to learn database skills.
B. Monitor the retrospectives of two additional sprints before taking action.
C. Plan fewer stories for the sprint to reduce the database engineers' workload.
D. Ask the scrum master to work with the product owner to remove backlog stories that have database dependency.
The executive leadership wants to understand ways to better deliver on time and on budget.
What can the project team do to assist in achieving the organizational goal?
A. Maintain and review a lessons learned repository to Boost delivery of future projects.
B. Ask each team member to post corrective action to the backlog.
C. Engage the project management office (PMO) to take responsibility identifying lessons learned on projects.
D. Perform a root cause analysis to identify alternative approaches for performing the next project.
An agile team discovers a new risk and identifies that its impact may be severe.
What should an agile practitioner recommend?
A. Add a goal to the current iteration to fully mitigate or control the risk.
B. Balance risk reduction and value adding activities in the next iteration.
C. Continue with the current plan to maintain team velocity.
D. Update the risk register and seek direction from a risk specialist.
A new agile team member notices that the team's current process involves excessive documentation.
What should the new team member do?
A. Teach the team the appropriate agile principle, obtain consensus, and drive adoption.
B. Allow another team member to prepare those documents that do not appear to bring value.
C. Notify the project manager about other documentation techniques, and identify which documents bring value and which do not.
D. Follow the existing process to avoid conflicts.
After seeing the planned features for an upcoming release, a customer notes that a vitally important and complex one is missing. The team estimates that this
feature significantly exceeds its average velocity.
How can this issue be resolved?
A. Break down the feature into smaller parts, and commit to completing the minimum viable product.
B. Complete the iteration to which they have already committed, and include the feature in the next release.
C. Change the planned features to include only the vitally important one.
D. Extend the iteration to complete the feature.
A company president is concerned about the impact of a natural disaster on the company.
How should management identify areas to apply its resources and mitigate potential impacts?
A. Establish and keep an active risk register that includes mitigation strategies and a cost-benefit analysis.
B. Establish and keep an active risk register based on qualitative risk analysis and expected losses.
C. Have each development team post the highest risk development items on the information radiator.
D. Avoid risk by splitting development teams into two locations to ensure knowledge continuity.
A scrum master is part of a project team using technologies overseen by the IT department. The IT director oversees several company initiatives and is unfamiliar
with the details of each one.
As an active project stakeholder, to which meeting should the IT director be invited?
B. Daily scrum
C. Sprint demo
During backlog refinement meeting, the new developer on the team asks the product owner to discuss a new performance threshold requirement and how it
impacts the stories in the backlog.
What should the team do?
A. Add this threshold requirement request as acceptance criteria in all impacted stories
B. Create a spike story to analyze the impact of the threshold requirement on current stories
C. Conduct design planning session to review the performance threshold requirement
D. Identify the tasks for the new performance threshold requirement
During a daily stand up meeting, a developer expresses concerns that the selected technology limits the number of concurrent users.
What should the agile team lead do?
A. Ask the team to conduct research to find a viable solution.
B. Select a better technology for team implementation.
C. Obtain customer input on their technology requirements.
D. Consult the product owner about their non-functional requirements.
Based on the chart, what is the current status of the iteration when comparing story points planned versus completed?
A. The iteration is in jeopardy.
B. The team has removed scope.
C. The iteration is ahead of schedule.
D. The team's velocity is constant.
A product's scope and acceptance criteria have been defined, and the product is planned for release at the end of the next quarter.
What should the project team do next?
A. Estimate the project team's capacity.
B. Determine how much work can be delivered.
C. Calculate how much work will fit into the next iteration.
D. Estimate items in the product backlog.
During sprint retrospectives, some team members are very vocal and tend to dominate the conversation, while others are more reserved and less likely to
What should the scrum master do?
A. Encourage all team members to participate, and have them type their retrospective feedback into the agile lifecycle management tool.
B. Ask more specific questions during the retrospectives.
C. Use retrospective techniques, such as silent writing, clustering, and dot voting to field feedback prior to discussion by the team.
D. Ask team members to email feedback that can be summarized in a spreadsheet for the team.
An agile practitioner notices that team members are disengaged. As a result, the team's velocity has decreased.
What should the agile practitioner do to get the team back on track?
A. Escalate the issue to the project sponsor.
B. Remove stories to increase velocity.
C. Hold a standup to address the issue.
D. Facilitate a team retrospective.
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Questions on Malpractice Insurance
A nurse practitioner (NP) writes:
"My collaborative MD believes that I should not need more liability insurance than his rider. My FNP liability insurance costs $1200 -- more than either PNP or ANP. My colleague in the same practice has separate credentials for ANP and PNP but as most of our patients are adult she only carries her insurance for adult -- $800. What do you think about the actual liability needs?"
This question exemplifies the dilemmas NPs are facing when attempting to cover themselves for professional liability. Inherent in this NP's questions are the following questions:
Do I need my own policy, if I am employed and my employer covers me?
This article addresses those questions.
The questions that need to be answered to answer this question are:
Will my employer's coverage be enough?
Will my employer's coverage be enough? It is difficult to get reliable data to use to predict what settlements, judgments, and defense costs might run. However, according to 2 sources, defense costs are running between $20,000 and $40,000, depending upon whether the claim resulted in a payment.[1,2] Data from the insurance industry places the average payout for serious injuries as now exceeding $1.5 million. Another source puts the average payout at just under $200,000. A third source puts the average at $320,000.
Average payouts mean little if the verdict or settlement against you is for an amount that exceeds the limits of your policy. Damage awards provide clinicians clues that at least $1 million in malpractice insurance is necessary. Here are some latest cases against NPs. All involve diagnostic errors, which is the most common reason for malpractice lawsuits against NPs and physicians in office practice.
Successful plaintiffs can enforce judgments or settlements by garnishing wages, putting a lien on the defendant's house, and exercising a levy on the defendant's bank accounts. There are various ways to try to shelter one's income from successful plaintiffs, but they have their own risks and costs.
The ethics of "going bare" (not having insurance) or not having enough insurance weigh heavily on many clinicians. If you make a mistake and someone is injured, are you going to feel ethically responsible for compensating the patient? If you try to get out of this obligation, is it going to weigh heavily on your conscience? If you elect not to purchase insurance or go with a policy with low limits, are you going to worry constantly about having the cash to pay off an injured patient? Will you save money in an account just for that purpose? Are you worried that your employer's policy won't cover you? Or are you unable to get information on your employer's policy? If the answer to any of these questions is "yes," it is probably worth the cost of your own policy to maintain your integrity and have peace of mind.
Every NP is going to encounter different risks and different premiums. Do a risk-benefit analysis. Get as much coverage as you can afford, but no less than $1 million per occurrence. If an employer's policy has limits below $1 million, strongly consider purchasing your own policy for additional coverage.
Is my employer's coverage dependable? An insurance purchaser needs to feel secure that the insurance company is financially secure enough to pay out if necessary. To research the financial stability of an insurance company, find out which company underwrites the policy. This information should be provided on the insurer's Web site. Go to A.M. Best's Web site, or another of the several companies that rate the financial stability of insurance companies, to find the insurer's financial stability rating. You'll want to see a rating of A- or higher.
Do I perform any services that aren't covered by my employer's policy? Each insurer has different terms and conditions. If an NP relies on an employer's policy, the NP will need to be sure he or she can meet the conditions of the policy. Read the policy to determine whether the procedures and services you provide are covered.
If I leave my employer, will my employer's policy cover me for an incident that occurred while I was still employed? Most insurance policies for physician practices are "claims made." With a claims made policy, an NP must purchase a "tail" -- coverage extension -- when the NP leaves the employer. The prices for tails vary greatly and can, for a pediatric NP (PNP), be in excess of $5000. Some employers agree, as part of an employment agreement, to pay for the NP's tail policy. If the employer will not pay for the tail, the NP is going to have to do it when he or she leaves the employer, or the NP will be "bare."
Additional important advantages of having one's own policy are:
The disadvantages of having one's own policy are:
Before electing to go solely with an employer's policy, ask the following questions of the employer:
Purchase your own policy if:
If working for a government agency, the considerations are:
If working for a hospital or large organization, the considerations are:
How much coverage should I purchase? Rates vary, based on the company, length of time in practice, type of certification, state where practicing, and number of hours practicing per week. For an employed adult NP working full time in Maryland, latest rates varied as follows:
Rates may be lower or higher in other states or for other NP specialties. Purchase as much insurance as you can afford, but not less than $1 million per occurrence.
Why do policies for some areas of certification cost more than others? Premium rates are determined by actuaries who analyze the risk for each category of clinician. If a policy for a family NP (FNP) costs more than a policy for an adult NP (ANP), that means the company's actuaries determined that it is more likely that the payout for an FNP will be more than for an ANP. One reason why the payout might be higher for an FNP would be the extended statute of limitations when the injured party is a child.
Do I need coverage for all of my areas of certification, even if my practice is limited to one area? Maybe. First, if you are an ANP and PNP but practice only with adults, are you committed to never providing services for a child? Second, have you been honest on your insurance application, stating that you are an ANP and PNP but are purchasing only ANP insurance? Third, have you checked with the company to see whether they have any term or condition that would require you to be insured as both ANP and PNP? Insurers may make their own terms and conditions and may deny coverage if their terms and conditions are not met.
If I don't sign up for the appropriate type of policy, can the insurer refuse to cover me if I am sued? Yes.
If I have 2 policies, will the policy terms allow the insurers to argue about who pays? Some policies state that if there is any other insurance policy that applies to the amounts covered under the policy, the other insurance must pay first. In that case, if an NP is insured through an employer as well as his or her own policy, the NP's insurance may be secondary (ie, would pay only if the other insurance has reached its limits). If an employer's policy had a similar condition, the NP might find him or herself involved in litigation about which insurer must pay first. Read and understand each policy's terms regarding other insurance. Ask insurers for terms that will suit your situation.
Multiple choice questions are perhaps the easiest to complete - you simply put a cross in a box - however, the questions often have two answers that could, at first glance, be correct. Don't make the mistake of memorizing the first answer and thinking this is correct without checking all the others.
If it says 'Tick one box', you must tick one box. If you leave it blank or tick two or more boxes you will get zero marks. These multiple choice questions will not start with command words like 'Describe...' or 'Explain...'. They will be written in the form of a question like 'What...?' or 'Why...?'.
There will be more multiple choice questions on the Foundation paper.
These questions have been written by Bitesize consultants as suggestions to the types of questions that may appear in an test paper.
The following questions are representative of the types of questions you will find on the CRCM (Certified Regulatory Compliance Manager) exam.
1. A borrower has a right to rescind a loan agreement in all of the following situations except:
a. A line of credit used for the borrower's business, secured by the borrower's primary dwelling
2. When opening a deposit account online, Regulation E disclosures MUST be provided at the time of account opening or:
a. Before the first EFT occurs
3. The primary responsibility for overseeing a bank’s inherent compliance risk should lie with which of the following?
a. Internal audit
4. A branch manager finds an unexplained $7,000 cash shortage in Teller #1's cash drawer. Which of the following actions must the bank take?
a. File a Currency Transaction Report (CTR) with the IRS
5. A compliance professional recently discovered the bank did not file and disclose an accurate covered agreement, as required by the CRA Sunshine Act. In order to ensure correct reporting in the future, what must be provided?
a. All individual mortgage loans
Looking to prepare for the exam? ABA offers CRCM test Online Prep.View Course
An test proctor will begin memorizing test instructions approximately 15 minutes before the test start time. Students must be in the test room with their test at this time. If taking the test on a laptop, it must be booted up and have passed the security check. Hand writers must not have a laptop with them in an test room, unless otherwise allowed according to the professor’s instructions. A student entering the test room after the proctor begins memorizing instructions will not receive additional time for booting up their laptop, passing the security check, and/or memorizing test instructions.
When instructed by the proctor, write your test number on the cover page of your exam, bluebooks, and any scratch paper you turn in as part of your exam. Handwritten test answers must be written in blue books in blue or black ink. Number the bluebooks you use (1 of 1, 1 of 2, 2 of 2, etc.). Proctors will allow time to read the professor’s instructions. Other than counting the number of pages of the exam, students are not permitted to turn the page of an test past the instructions page until the proctor instructs them to do so.
When taking a closed-book exam, no books, outlines, book bags, purses, or scratch paper (other than the scratch paper provided) may be at your seat during the exam. These items must be left outside of the test room or in the front or sides of the test room. Students may not begin to write anything, including on scratch paper, before the proctor begins a closed-book exam.
Students taking in-class exams are prohibited from having any electronic communication device, other than a laptop as allowed per the professor's instructions, during the exam. Cell phones and smart watches must be turned off during the test and placed in a bag or backpack. Violations of this rule may be considered an Honor Code violation. A clock in each test room will be the official timekeeper for the exam.
Non-alcoholic beverages are permitted in test rooms; however, the container must have a lid.
After the test instructions have been read and the test begins, the proctor will remain in the room. Any student who has a question or problem during an test should see the proctor.
Students may use the restroom or take a break during an exam. However, all test materials must be left in the test room and no additional time will be given. Students must sign in and out at the front of the room with the proctor.
The PRINCE2 Practitioner qualification enables you to apply PRINCE2 to the management of a project.
PRINCE2 (an acronym for projects in controlled environments) is a de facto process-based method for effective project management.
Gaining PRINCE2 certification gives you the skills to feel confident in managing projects successfully within the workforce.
Who should attend?
The course is suitable for anyone wishing to gain the PRINCE2 Practitioner qualification, and who has already achieved the PRINCE2 Foundation level qualification.
In order to sit the PRINCE2 Practitioner examination you must provide
How will I benefit?
You will have a comprehensive knowledge of the relationships between the PRINCE2 principles, themes and processes and PRINCE2 products and will understand these elements.
By the end of the PRINCE2 Practitioner eLearning course you should be able to:
About the PRINCE2 Practitioner
We will provide you a voucher to book the test with an Institution partner on a date of your choice. You can sit the test remotely at your office or home (camera and microphone required).
We provide six months of access to the eLearning, a voucher to sit the accredited PRINCE2 Practitioner exam and a digital copy of the course manual.
In order to sit the PRINCE2 Practitioner test you must provide proof of having passed the PRINCE2 Foundation examination.
Please note, exams are hosted by a partner of the Institution and the Institution does not provide technical support.
PRINCE2® Foundation and Practitioner, are offered by ILX Group an ATO of AXELOS Limited.
This course will provide you with the knowledge and understanding of the scope, content and structure of the MSP method required to fully prepare you for the MSP Practitioner examination.
Managing Successful Programmes (MSP®) is a methodology that comprises a set of principles and processes for use when managing a programme. A programme is made up of a specific set of projects identified by an organisation that together will deliver some defined objective, or set of objectives, for the organisation. The objectives, or goals, of the programme are typically at a strategic level so that the organisation can achieve benefits and improvements in its business operation.
Who should attend?
This course is intended for organisations or individuals seeking to manage transformational change or those seeking a professionally recognised qualification, such as:
In order to sit the MSP Practitioner examination you must have passed the MSP Foundation examination.
How will I benefit?
The MSP guidance benefits the organisation and the individual alike.
About the Managing Successful Programmes (MSP®) practitioner
We will provide you with a voucher to book the test with an Institution partner on a date of your choice. You can sit the test remotely at your office or home (camera and microphone required).
You'll have six months access to the eLearning and an test voucher to sit the accredited MSP exam.
Please note, exams are hosted by a partner of the Institution.
PRINCE2® Foundation and Practitioner, are offered by ILX Group an ATO of AXELOS Limited
We scored companies based on these measurements:
Price (50% of score): We averaged the no-exam life insurance rates for males and females in excellent health at ages 30, 40 and 50 for $500,000 and $1 million and a term length of 20 years.
Maximum face amount for lowest eligible age (10% of score): Companies with higher no-exam life insurance coverage amounts for the lowest age earned more points. Note that maximum no-exam coverage can sometimes become lower if you apply at a higher age.
Age eligible for best length/amount (10% of score): Companies offering no-exam life insurance to folks over age 50 earned extra points.
Accelerated death benefit available (10% of score): This important feature lets you access part of your own death benefit in the event you develop a terminal illness
Option to convert to a permanent life insurance policy (10% of score): This is a good option to have in place if you decide you want a longer policy, especially if your health has declined and you don’t want to shop for new life insurance.
Guaranteed renewals (5% of score): This option lets you extend the coverage after your initial level term period has expired, such as at the end of 10, 20 or 30 years.
Renewal rates can be significantly higher, but renewing can provide extended coverage to someone who may no longer qualify for a new life insurance policy because of health.
Median time from application to approval (5% of score): We gave more points to companies with lower no-exam life insurance approval times.
The timeline for approval could be within seconds or a month, depending on the company and possibly even your health.
Sources: Bestow, Ethos, Fabric, Haven Life, Ladder, Policygenius and Forbes Advisor research.
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If you made a minimal down payment when buying your home — less than 20 percent of the purchase price, to be precise — you’re probably all too familiar with PMI, or private mortgage insurance. This surcharge, included along with the principal and interest in your monthly mortgage payments, can add hundreds if not thousands of dollars to your housing costs each year. Annoying, especially since these insurance premiums protect your lender, not you, in the event that you default.
That’s the bad news. Now the good news: This extra expense won’t last forever. Each year, your PMI is recalculated using your current loan balance, so the amount you pay will decrease as you pay down the loan.
And once you build up enough home equity, you’ll be able to eliminate PMI entirely. There are several different ways you can go about this, so it’s highly likely you’ll find one that will work for your finances.
6 ways to get rid of PMI
1. Wait until you qualify for automatic or final termination of PMI
A federal housing regulation informally called the “PMI Cancellation Act” assists homeowners trying to get rid of their PMI. The Homeowners Protection Act of 1998 — as it is officially named — confers “automatic” or “final” PMI termination at specific home equity milestones, provided your mortgage is in good standing and you haven’t missed any monthly payments.
The act dictates that your mortgage lender or servicer must automatically terminate PMI when your loan-to-value (LTV) ratio drops to 78 percent — in other words, when your mortgage balance reaches 78 percent of the purchase price of your house.
Alternatively, the servicer must cancel the PMI at the halfway point of your loan’s amortization schedule. For example, if you have a 30-year mortgage, the midpoint would be after 15 years; if you have a 15-year loan, the halfway point is 7.5 years. The PMI must stop even if your mortgage balance hasn’t yet reached 78 percent of the home’s original value. This is known as final termination.
Who this affects: Removing PMI in this way works for folks with conventional mortgages who have paid according to their original payment schedules and have reached the milestones of 22 percent equity or the halfway point in time. In both cases, the loan must be current and the borrower in good standing: no delinquent, skipped or insufficient payments.
2. Request PMI cancellation when mortgage balance reaches 80%
Another way the PMI Cancellation Act benefits you is by granting you the right to remove PMI once you have paid off enough of your mortgage principal to reach 20 percent home equity; that is, once your loan balance reaches 80 percent of the home’s original value.
Who this affects: If you’re making payments as scheduled, you can find the date that you’ll get to 80 percent on your PMI disclosure form (or you can request it from your servicer). However, you need to be proactive.
You must do the following to cancel PMI:
3. Pay down your mortgage earlier
If you have the cash to spare, put it towards extra or bigger mortgage payments — to help you hit that golden 20 percent equity figure faster.
You can prepay the principal on your loan, reducing the balance — which also helps you save on interest payments. Even $50 a month can mean a dramatic drop in your loan balance and total interest paid over the term of the loan.
To estimate the amount your mortgage balance needs to reach to be eligible for PMI cancellation, multiply your original home purchase price by 0.80.
Who this affects: Homeowners can use this method to achieve 20 percent equity more quickly. You can do so by making bigger mortgage payments, more frequent payments or by putting a lump sum towards paying down the loan. You should check with your lender as to which methods are preferable.
4. Refinance your mortgage
When mortgage rates are low, homeowners are often advised to consider refinancing. Especially in the last few years, when rates were at a historic trough of 3 percent, refinancing meant lower monthly payments and reduced interest costs. And the rise in home prices often meant a new loan could easily be below 80 percent of the home value, enabling you to eliminate PMI.
While the latest sharp climb in interest rates means it might not now be worth the effort and expense of refinancing just to get rid of PMI, it’s still something to keep in mind if you are close to the 20-percent-equity mark. If you determine that refinancing puts you over that threshold, contact your lender after the process is complete and request cancellation of your PMI.
You can also refinance into a loan that doesn’t require PMI. One way to do this is by “piggybacking” — that is, taking out a home equity loan, line of credit or other mortgage, in addition to the new primary one; this additional loan finances your down payment, getting it to the 20 percent mark.
Another option is refinancing with a government-backed USDA or VA loan, which doesn’t carry PMI, although they do charge their own fees and have some eligibility restrictions.
Refinancing works best if your home has gained substantial value since the last time you got a mortgage. For example, if you bought your house four years ago with a 10 percent down payment, and the home’s value has risen 25 percent since then, you now owe 65 percent of what the home is worth, which is less than the 80 percent threshold for PMI. Under these circumstances, you could refinance into a new loan and no longer have to pay for PMI.
With any refinancing, you’ll want to weigh the closing costs of the transaction against your potential savings from the new loan terms — especially considering the higher cost of borrowing today — and eliminating PMI.
Who this affects: This strategy works well in neighborhoods where home values have increased significantly in latest years. If your home value has declined, refinancing could have the opposite effect — you might be required to add PMI if your home equity has dropped.
Refinancing to get rid of PMI typically doesn’t work well for new homeowners. Many loans have a “seasoning requirement” that requires you to wait at least two years before you can refinance to get rid of PMI. So if your loan is less than two years old, you can ask for a PMI-canceling refi, but you’re not guaranteed to get approval. In addition, mortgages hit some of their lowest interest rates in decades two years ago, so homeowners who locked in those low rates might be financially better served by paying PMI until they reach the 20 percent equity threshold.
5. Reappraise your home
In a hot real estate market, your home equity could reach 20 percent ahead of the loan payment schedule. In this case, it might be worth paying for a new appraisal. If you’ve owned the home for at least five years, and your loan balance is no more than 80 percent of the new valuation, you can ask for PMI to be canceled. If you’ve owned the home for at least two years, your remaining mortgage balance must be no greater than 75 percent.
Appraisals for a single-family home have risen in latest years. As of early 2023, you can expect to pay between $500 and $700, depending on your area. Some lenders might be willing to accept a broker price opinion instead, which can be a substantially cheaper option than a professional appraisal. On the flip side, professional appraisals are highly regulated and provide an unbiased assessment.
Who this affects: Median home values have shot up by around 30 percent nationwide over the past couple of years, and borrowers who live in areas that are particularly red-hot might have seen their home values jump even higher. In fact, the value might have increased enough to bump you out of the PMI range. If this is the case, it’s time to talk with your lender about getting a new appraisal and potentially canceling your PMI requirement.
6. Expand or renovate your home to increase its value
While it wouldn’t make financial sense to add onto your home just to get out of paying PMI, investments you make in your home can be a path towards ditching it. If you’ve added amenities or modernized, that might have increased the value, which could also mean more equity. Improvements like a renovated kitchen, new garage doors or windows or an extra bathroom, like these can increase your home’s value (as reflected in a new appraisal) and help you cross the 20 percent equity finish line in the process.
Who this affects: If you are close to having 20 percent equity and being eligible for PMI cancellation, making significant improvements to your home could raise the home’s value enough to meet that threshold if you pay to have your home reappraised after the work is completed.
Your PMI rights under federal law
If you pay for PMI, you should be aware of the rights conferred to you by the Homeowners Protection Act. In addition to providing the mortgage payoff benchmarks to get rid of PMI, the PMI Cancellation Act also protects you against excessive PMI charges. You have the right to get rid of PMI once you’ve built up the required amount of equity in your home.
Lenders have different rules for canceling PMI, but they are required by law to provide you with a mechanism to do so. Prior to the Homeowner Protection Act’s passage, a homeowner would have little recourse if their lender refused to release them from paying PMI, even if they had enough equity in their home that the lender would be made whole if the homeowner defaulted and the lender foreclosed and seized the home.
Before you sign a mortgage with PMI, ask for a clear explanation of the PMI rules and schedule. This will enable you to accurately track your progress toward ending the PMI payment. If you feel your lender is not following the rules for eliminating PMI, you can file a complaint with the Consumer Financial Protection Bureau.
Remember: You might be able to eliminate PMI when your home value rises or when you refinance the mortgage with at least 20 percent equity. But the onus is on you to request it.
Don’t drain your bank accounts to escape PMI
When it comes to how to get rid of PMI, you don’t need to be overzealous. While paying PMI each month — or as a lump sum each year — is no financial joyride, be careful not to make your finances worse by hustling to get rid of PMI.
Most financial experts agree that having some liquidity, in case of emergencies, is a smart financial move. So before you tap your savings or retirement funds to reach that 20 percent equity mark, speak with a financial adviser to make sure you’re on the right track. In particular, if you bought or refinanced your home within the past few years, you probably have a favorable interest rate. Even with the added hassle of paying for PMI, pulling your money out of high-yielding or appreciating investments to pay off a low-cost mortgage might not make financial sense.
“There seems to be a philosophical aversion to PMI on the part of many buyers that is misplaced,” says Bankrate chief financial analyst Greg McBride. “As long as you’re not taking an FHA loan, you’re not married to the PMI. You can drop it once you achieve a 20 percent equity cushion, which may only be a few years away depending on home price appreciation. But do not feel the need to use every last nickel of cash to make a down payment that avoids PMI, only to leave yourself with little in the way of financial flexibility afterwards.”
FAQs about PMI
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