Automatic PMI cancellation??

[Rebecca Rios]

Can someone help me figure out whether my PMI should've automatically been cancelled by now? I've read that by law it should automatically cancel if my balance drops below 78% of the original value/purchase price. Is this right? Here are my details:

Original Purchase Price: $155k (2005)

Refinance in 2014: $135k (-ish)

Current Loan balance: $103k

I'm still paying PMI. Does the 78% refer to the refinance amount or the original purchase price? I've tried to contact my lender multiple times. It's really hard to get ahold of an actual person. :-( I'm looking to refinance now but it seems like I have more than reached the automatic limit?

[Eric Johnson]

@Rebecca Rios

Correct on the 78%. It’s based off of your current equity. I’d use any evidence you have and contact the servicer and make it clear you’d want the pmi removed.