I want to cancel the PMI – Private mortgage insurance

Private mortgage insurance is used as as security to the lender – while getting the home loans,this is going to very important.But this is to ensure that you are not letting down the lender.After you prove that you are a good borrower by building up enough equity,you can avoid paying the insurance payments

Cancel PMI by Homeowner's Protection Act of 1998:

Through the use of this act,you will be able to cancel the PMI once you build 22% equity.Cancellation of PMI will never be possible if you do not have good equity.So you need to wait until you build the required equity.Make a call to the lender and ask if you are eligible for it.