PMI is designed to protect the lender, not the consumer in
the event you default on your mortgage loan. If you had less than
20% down payment when you purchased your home you may have been required to
purchase Private Mortgage Insurance.
The Home Owners Protection Act (July 28, 1998) became effective in
July, 1999. This bill required annual notification to
consumers regarding PMI removal. Automatic removal of PMI
applies only to loans secured after July 29, 1999. If your home
purchase was prior to that date and your down payment was less than 20%
you are probably paying for PMI along with your monthly mortgage
You can contact your lender for the address and phone number of the
company providing the PMI for your loan. The Private Mortgage
Insurance provider can inform you of the requirements and what steps you
need to take in order to qualify for removal of the PMI, one of which may
be an appraisal of your property to determine the present market value.