how can i get lower mortgage insurance cost

If you have a Conventional Loan, the mortgage insurance should automatically go away when your balance reaches 78% through normal payments. If you feel you are under 75% of current value you can request the MI be dropped by your Lender....they'll probably require an appraisal. If you have an FHA loan, the MI will not go away without a conventional refi.

If you are back working and have W2 job with 30 days of paystubs, and you qualify with income and credit, you should be able to refinance into a new loan, dropping the mortgage insurance.

Call your lender to have them remove it. If you are below the 78% Loan To Value, as Jim said, it should have come off already. If you have a copy of the appraisal, see what the value is and then call the bank for a payoff, this will give you a true idea of what your Loan To Value.

If it has not come off already, call your Lender to find out why.

Hello from AZ.. FIRST , who is your lender? also, email me at yourloanpartnerforlife@live.com i have some alternative ways that might work for you

If you have a conventional loan, your mortgage insurance will automatically go away once you reach 78% of the initial balance. If you believe you are currently under 80%, contact your lender and ask to have it removed. They will give you instructions, which generally include YOU paying for an appraisal for their list of approved appraisers. If you are under 80%, and if you have made all your payments on time, the mortgage insurance should easily be removed. If you have an FHA loan, there have been some recent changes, so it depends on when you got the loan. But if it is a few years old, the same basic rules apply. Call your lender!

I would need to know which loan product you have to advise you properly, but in general, FHA loans initiated prior to October 2014, you would need to pay for a minimum of 5 years, and once your loan balance is 78% or less than your original appraised value, then it will drop automatically.. if your FHA loan was initiated after that date, then the MI will never go away in most cases.. you'll have to refinance to get it removed, which is impossible if you don't have income. For conventional, once you have paid for 24 months and reach 20% equity or more, you can contact your lender and request it be removed and you wont have to refinance to get it done.. 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

Sorry.. the FHA date for lifetime MI started June 2013, not October 2014. 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