So long PMI!
You have the right to request that your servicer cancel PMI when you have reached the date when the principal balance of your mortgage is scheduled to fall to 80 percent of the original value of your home. This date should have been given to you in writing on a PMI disclosure form when you received your mortgage.
Verify Eligibility
At the point you determine you have reached 20 percent equity in your home, you can start the process of canceling your Private Mortgage Insurance. You will need to notify your mortgage lender that you wish to cancel PMI. Lending institutions ask for proof of eligibility at this point. You can acquire proof of your equity by getting a state certified appraisal on form URAR-1004 (Uniform Residential Appraisal Report), at your cost, which is required by most lending institutions before canceling PMI.
First Community Mortgage can answer questions about PMI , Call us at 334-285-8850