http://ts.realestate.com/blogs/tipsandtools/archive/2007/01/16/cancellation-of-private-mortgage-insurance.aspxFederal law may save you hundreds of dollars each year If you put less than 20 percent down on a home mortgage, lenders often require you to have Private Mortgage Insurance (PMI). PMI protects the lender if you default on the loan. The Homeowners ProtectionenCommunityServer 2008.5 SP2 (Debug Build: 40407.4157)