Be wary of any communication not documented. We were told PMI would be cancelled after 20% equity and/or after 2 years of paying on our home. Needless to say we are 4.5 years into paying PMI with no return communication from American Security Mortgage. We should have listened to the lawyer that was present during the signing who told American Security that the law on years/equity have changed, American Security argued that we fell into a "Grandfather clause" therefore our PMI would cancel in 2 years. Lesson learned: Do your own research and make sure everything is documented.