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Verify the numbers

Mortgage-costsFamiliarize yourself with your loan statements to keep a running total of principal payments. Pay attention to the prices of other houses in your neighborhood. If your mortgage is under five years old, probably you haven’t made much progress with the principal – you have been paying mostly interest.

Proof of Equity

At the point your equity has reached the desired twenty percent, you are close to canceling your PMI payments, for the life of your loan. Contact the lender to ask for cancellation of PMI. Next, you will be required to verify that you are eligible to cancel. The best proof there is can be found in a state certified appraisal using form URAR-1004 (Uniform Residential Appraisal Report), required by most lending institutions before canceling PMI.

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