I wanted to know when PMI is removed from my loan. I checked consumer finance & read that PMI should be dropped once my loan had reached 78 % of what the value of home was @ time of purchase. I called BOA & received a denial letter stating that their requirement is 75 % of the loan amount rather than the value of home.My home was valued {$20000.00} more than we bought home. Then they told me that I could have my home reappraised to prove it did n't lose value. When I called on XXXX different occasions, I kept asking why they do it based on loan amount rather than value & what good does an appraisal do if it 's based on loan amount? XXXX Rep told me the appraisal would n't really help my situation. So my next question was, why was a {$600.00} appraisal even suggested- it would have been an expensive waste of time. XXXX Reps agreed with me, but never answered XXXX. Why is it based on loan amount & not value and why XXXX instead of XXXX. XXXX. Why was the appraisal suggested if it was n't going to benefit my situation. I 'm very frustrated that they have different rules and extremely upset that they suggested a costly and non beneficial appraisal. 
