All homeowner payging private mortgage insurance (PMI) will start getting an annual notice from their lender detailing when and how they can cancel their PMI. This disclusure is part of the law mandating automatic PMI cancellation for new borrowers, which went into effect on July 29, 1999. If you bought a home after that date with less than 20% down, your lender must cancel your PMI once your mortgage balance reaches 22% of the purchase price. You can request PMI cancellation with 20% equity. People with existing mortgages, however, aren't entitled to automatic PMI cancellation. Money Magazine 8/99