PMI can be removed from a loan under certain circumstances:Situation 1
PMI may be canceled at the borrower's request if:
Write to the current loan servicer requesting that the PMI be cancelled. The loan servicer must respond to the request within 30 days of receipt of the request.Situation 2
PMI will be automatically cancelled by the loan servicer (unless the loan has been classified as a high risk loan) if:
PMI may be cancelled due to the build-up of equity through appreciation. This may be an option if:
The best approach under this situation is to contact the current loan servicer and request the specific guidelines for canceling PMI.
For more information consult a licensed mortgage loan officer.