Private mortgage insurance (PMI) is required by lenders when the down payment or the owner’s equity is less than 20% of current market value.  This insurance is included as part of your monthly mortgage payment.  As your property appreciates in value, your equity in the property also increases.  When your new equity is at or above 20% of the current market value of the property, you can ask your mortgage company to eliminate this PMI payment.  Most lenders require that you submit an appraisal of the current market value of your property done by any  Certified or Licensed Appraiser.