Q: My mortgage company is telling me that I still have to pay PMI and in my PMI disclosure states when I reach 78% why
I am below my 78% auto termination percent and there telling me I have to pay for 3 more year
How did you determine that you are below 78%? Based on the original appraised value of the home? If not, then that may be why. Also sometimes there are conditions which state another event must occur before PMI will be released. Look to your mortgage documents for that. Sometimes you just need to call or write to notify your lender that you've reached the threshold to effectuate the release of PMI. You often must also have a good payment record and be up to date on all payments or even get an appraisal. There are a lot of things that you may not be doing which could be the reason.
Another question: is this PMI or is it Federal Housing Administration Insurance? PMI can be cancelled but FHA insurance cannot.
If you want to get rid of PMI you can always look to refinance if your loan allows for it.
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