I currently pay over 30$ a month for Payment Mortgage Insurance for a home loan that was 80,000 at time of loan. When I was closing on loan, loan officer said "PMI will be removed when remainder of loan is 80% or less of home value." Within 2 years, the value of house had exceeded that amount. I asked Countrywide to remove PMI. Informed that I had to have another appraisal to confirm. OK. BUT, I had to use their appraisal company and it would be $300-350. The average appraisal fee in this area at that time was 100-150$. I called complaining about fee being too expensive. Problem never resolved and I continued to pay PMI. Mad, I refused to pay and waited until the remaining loan amount was less than 80%. Then, at that time, I phoned again to have PMI removed. Was informed that they required loan to have 78% or less remaining. I was also told that "when you have paid off over 22% of the loan, if you have had less than 2 late payments, by law, we are required to remove PMI" by a Countrywide representative. I have not had any late payments. It is less than 78% of loan remaining now, but now I have to pay a 150$ fee for CVI!! That is to ensure my house is still worth atleast the original $90,000 appraisal. What makes me even madder is Countrywide has sent me atleast a dozen offers for a home equity loan with their latest valuing my home at over 175,000$!!! What is the truth and when will I have the PMI removed from a loan with less than 70,000$ remaining on a home valued by a realtor of atleast $225,000?