We refinanced our home almost 2 years ago. At the time, I asked the BOA representative how would we be able to remove the PMI from our loan. I was told once the LTV ratio was below 80 %, I would be able to contact BOA and have them remove the PMI from the mortgage. We recently reached the 80 % LTV ratio so I contacted BOA to have them remove the PMI. I received a letter from them stating in order to do that I would either have pay a {$440.00} appraisal fee to have it removed immediately or wait and pay 3 more years of PMI to have it removed without an appraisal. I believe this is unfair because at no point in my conversation with the BOA representative did he mention the loan had to be a certain age or we would have we would have to pay an appraisal fee. 
