<prompt> Human: Long story short, we purchased our home in 2015 at around 242k purchase price and currently owe 224k. We would like to get rid of our PMI as homes in our development are selling for around 315k and since our home has a large yard for the neighborhood real estate agents are saying we could very reasonably get 325k for our unit.I have tried contacting our lender to get rid of our PMI but we have gotten the run around claiming we can never get rid of our PMI because we did a first home FHA and a variety of other responses. After speaking with someone in the business briefly, they say it is illegal to not be able to get out of our PMI.My question is how do we definitively get out of our PMI based on our homes equity? Please let me know if you need any additional information.We are also curious if we would have to get a new loan to get out of it as we purchased at around 3.7537; and rates are almost 537; so we may just have to pay the same amount regardless.Thanks PF!Edit: thanks for all the answers, we really appreciate it. Sounds like we would pretty much break even getting a new loan at 5 vs just continuing to pay our MIP. We may also look into the cash back refinance that someone mentioned and pay off some other debts.Cheers!  <response>: Ill repeat something that Ive stated here so often that its practically a refrain: Terminology matters.If you have an FHA loan, you dont have PMI. You have MIP. Always MIP, never PMI. If you search my post history youll find Ive probably stated this a hundred times this year.Why so pedantic? Because PMI means private loan, also referred to as a conventional loan. FHA means MIP.That someone in the business you spoke to assumed you meant what you said when you said PMI and gave you an answer for PMI. So hes right - you can get out of PMI. But you cant, given the age of your loan, get out of MIPIf you bought your house in 2015, put less than 1037; down, on a 30 year loan, and used an FHA instrument, then you cannot get out of MIP. You either have to refinance it or keep paying it. 