They are absolutely right. PMI will come off usually when you have obtained 20% equity in your home. Usually it does take about 10 years, but if you feel your home has increased in Value, you can get a new appraisal done and if it shows what you till owe is 80% of the value, take it to your lender, they should review it and could take your PMI away if they approve the appraisal.

If it is an FHA loan, you must pay a minimum of 60 months of PMI even if you are already at the 20% equity mark.

PMI is supposed to come off once you’ve paid 20% of the loan amount. How much of a down payment did you make. If you had zero down and are only making the minimum payments, it should take approx 10 years before PMI is taken off.

Your PMI should cancel once you have paid off a certain amount. Your loan to value ratio should be about 78-80% (loan amount/ property value) before you can cancel.