Source: Bankrate.com
If you bought a house with a down payment of less than 20 percent, your lender required you to buy mortgage insurance. The same goes if you refinanced with less than 20 percent equity.
Private mortgage insurance is expensive, and you can remove it after you have met some conditions.
Although you can cancel private mortgage insurance, you cannot cancel Federal Housing Administration insurance. You can get rid of FHA insurance by refinancing into a non-FHA-insured loan.
There are steps you can take to cancel mortgage insurance sooner or strengthen your negotiating position such as refinancing, getting a new appraisal, prepaying on your loan, or remodeling.
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