Even if you meet the requirements for cancellation of the PMI or private mortgage insurance if you are considered a high risk for defaulting, have missed payments or have liens against the property you may not be able to cancel your PMI coverage. Check with your state to see why cancellation of PMI may not be approved.

Mortgage insurance is something that you need to take into consideration.. Many lenders will require that you have this type of insurance for the first years of owning your home as a way of helping to guarantee that your mortgage is not going to be defaulted on.

One of the keys to mortgage insurance, or private mortgage insurance is the fact that you can not choose the company that you get your insurance from. This particular type of insurance helps to protect the lender, not you, but you do have to pay for it monthly.