Be proactive when canceling PMI

3 things to do once your loan-to-value ratio hits 78 percent

The premier event for luxury agents and brokers
Luxury Connect | Oct. 16-18 | Beverly Hills

DEAR BENNY: We purchased our home a year ago for $153,000 and put $16,000 cash down. PMI was required. I want to end the PMI as soon as possible and understand that the home equity must reach a certain point (the agent said after two years we could try to get it canceled). Isn’t there a law that if we are current with our payments we can opt out of PMI? We purchased a short-sale home and the value has been appraised higher now. Will that work against us? –Phyllis