PMI Insurance

I bought my house in July this year. I have a PMI mortgage insurance. I know I can cancel the PMI insurance once the value of the house goes up. I recently finish the basement by adding 3 room. I went from 1800 cu. ft. to 3200 cu. ft. is now a good time to have a apprasial done so I can cancel the PMI insurance. I quess my question is how long should I wait to try to cancel PMI insurance?

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by primetimehts:
I bought my house in July this year. I have a PMI mortgage insurance. I know I can cancel the PMI insurance once the value of the house goes up. I recently finish the basement by adding 3 room. I went from 1800 cu. ft. to 3200 cu. ft. is now a good time to have a apprasial done so I can cancel the PMI insurance. I quess my question is how long should I wait to try to cancel PMI insurance?<HR></BLOCKQUOTE>

PMI should be cancelled as soon as you have reasonable equity and PNI is not needed due to the loan to value ratio.