Does PMI really drop off at 20%? My lender is saying differently

[Joe Delgrosso]

My primary is valued at $300,000 and we owe $215,000 on it. We bought it in 2014. We've been paying PMI with the understanding it automatically drops off once we hit the 20% mark. Well...$240,000 is the 20% mark and we're way past that with only owing $215,000. I call my lender to ask them to drop it and they said no - now it's 30% for the PMI to drop off, which is $210,000.

I've never heard of 30% for PMI to drop off. It's always 20%.

Any thoughts on this? Is this common?

[Account Closed]

@Joe Delgrosso I've always been told it automatically drops at 22% but you can submit a written request at 20% to have it removed. Request a pmi cancellation schedule and the terms of the loan. You can also refinance to have it removed and sounds like you should go to a different lender anyway.