refinancing to get rid of mortgage insurance

No matter the score, your best home loan option to eliminate mortgage insurance is to refinance into an uninsured conventional home loan. If you don't have 20% equity yet, you may want to do a cash-in refinance where you bring the funds to the closing to pay down the loan amount so you do not have mortgage insurance. What ever you choose, make sure to speak with a local mortgage professional who can help you through the process.

It depends on how much equity you have in your home. Check with local lender to see what your options are.

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Credit score is just one of many items that the lender looks at when determining eligibility, so without knowing all the details, it's impossible to say.. Property value, Loan to value, loan amount, current balance, income, debt ratios, property type, etc, etc, etc.. all this would be necessary to properly advise you.. the best advice I can give you would be to contact a LOCAL mortgage broker and apply with them. By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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

Your credit score should not really have an impact on whether you pay mortgage insurance or not, the amount of equity you have does. If you have 20 percent equity in the home, you can request that your lender eliminates PMI.

In order to eliminate mortgage insurance completely, you will need to owe less than 80% of an appraisal you do today. If you think that is the case, talk to a local mortgage broker on the various options. Also, if you think that is the case, depending on what type of loan you have, you may be able to eliminate it with your current lender.

The key is Equity and without having at least 20% equity, the MI is likely to stay, unless you refinance into another program with Lender Paid MI or if you piggy back a loan with a 1st mortgage and a 2nd mortgage (equity line) assuming you have less than 20% equity, but at least 10% remains (ie. 80/10). Speak to your mortgage professional about your options. Good Luck!