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No matter when your
loan was signed, you can ask to have the PMI canceled once you
exceed 20% equity. You might also be able to cancel the PMI if you
can show proof that your home has increased in value, but lenders
often have a minimum wait time before they will accept such
evidence, typically two years.
You will need to call
the lender you are making payments to and ask what you will need
to get rid of the PMI on the loan. Most lenders will send a
package of information to be completed and require an appraisal by
a State licensed/certified appraiser of your choice.
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