 TITLE: How to Get Rid of Private Mortgage Insurance (PMI) CONTENT: 1\\. Wait for Automatic Cancellation\n-----------------------------------\nThe federal Homeowners Protection Act of 1998 (also called the PMI Cancellation Act) requires your loan servicer to automatically cancel your PMI on the date when you're scheduled to have 22% equity in your home. You may also see this written as the scheduled date when the principal balance is 78% of the home's original value.\nAdditionally, loan servicers must cancel your PMI the month after you're scheduled to be halfway through paying off the loan—15 years into a 30-year mortgage, for instance. The final termination occurs even if you don't have 22% equity. Generally, this happens if you took out an interest-only mortgage, a mortgage with a balloon payment or your mortgage was in forbearance.\nIn either case, you must be current on your mortgage payments to qualify for automatic PMI cancellation. END