But if you check your files annually with the three major credit agencies, you can spot errors early and take care of them before they prevent you from improving your position. You should be able to cancel coverage once you pay your loan down to 75-80 percent of its current value. Speak with your lender for specifics. Even if you're not considering a move, you should pay attention to market conditions so you will know when it's time to consider refinancing, canceling PMI, or perhaps selling to put your fiscal house in order. The records of local tax authorities are often riddled with misinformation.
Mathematical errors are rampant, too.
Don't just take the lender's word for it. Make sure the lender uses the correct index, and bases the shift on the index at the proper time. Also be sure the lender adds in the proper margin. And make sure the rules are followed regarding rounding off. If you allow yours to hold more, you are losing interest as well as control over part of your finances.