I called my lender last week. I am close to owning 20% of my home and want to get rid of PMI. They said I can only do it by remortgaging my house. Is that true? With the mortgage rates increasing, I will definitely lose some money by remortgaging the house.
Also, I know that I can request the PMI charge to stop if I own 20% of the value of the home, or it will stop automatically once I own 22% of the value. Is it possible that the lender meant I can't do it with 20% but it will be done at 22% automatically without the need to remortgage the house?