Unfortunately if your home mortgage was signed prior to July 29, 1999 your lender is not required to cancel your PMI once you reach any given level of equity. Federal law does not require the lender to release your PMI unless it was a part of your signing agreements.
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If your lender says you do not qualify for termination of your PMI but you have reached 20 percent equity it may be due to particular state rules that apply to where you live. You can contact the state to learn more about particular laws in the state you live.
Private Mortgage Insurance (PMI) is a part of the loan for many home borrowers that put down less than 20 percent on their home mortgage. PMI is often required by lenders for these loans to protect them if the loan is defaulted on.
You can always contact your lender to determine how much of your monthly mortgage payment is going towards PMI. PMI is typically a charge that is anywhere between $40 and $100 monthly depending on your loan amount.