Need Help With a Question About PMIWe refinanced our mortgage less than a year ago and got a 30 year fixed at 3.25%It was a $631,000 loan. However, we are being charged about $600/month in PMI insurance each month because we did not have 20% equity at the time of refinancing.Now, our home has appreciated to about $775k bringing us close to 20% equity. However, our lender informed us that they will not consider a new appraisal until we have paid 60 months of PMI.I want to know if this is legal. We are in California, and have good credit.Thanks.June 14 2013 - San Ramon00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.