how can i reduce my pmi?

Hum.. that's very unusual... all conventional loans where the loan to value is 80% or below, it does not require PMI.. If you were forced to go FHA or USDA, and you needed to put 20% down to get your ratios in line with lender guidelines, then that would make sense, but in that scenario, depending on when your loan was originated, the PMI could be there for the life of the loan.. We would need much more info to properly advise you.. What type of loan do you have now? conventional? FHA? USDA? VA? Private money? If you reach out to a local mortgage broker, they should be able to look at your complete loan scenario and advise you from there.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Sounds as though you may be in a FHA or USDA mortgage- I would need more information from you in order to give you a correct plan of action.Please e-mail me at pete.bass@everbank.com with your contact information-Look forward to hearing from you,

What you need to apply for is a Conventional Loan.

Sounds like there is more to this story. Did you have to use a government program not conventional financing? Credit or income issues?

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How long ago you bought can make a difference. Either it was a FHA or VA loan and the downpayment was needed due to a low appraisal or to get loan approval, or it was conventional and the appraisal was below the purchase price, or possibly something in your past credit required a downpayment. The only way to "reduce" PMI is to refinance the house - or, if it is a conventional loan, get the current servicer (who you make payments to) to accept an updated appraisal and potentially drop the PMI off your current loan.