How soon should I refinance to get rid of MIP?

Eliminating your mortgage insurance is going to be based on your current value and what you currently owe. If you have at lease 20% equity in your home, you could refinance to eliminate your mortgage insurance. I'd be happy to go over your options with you. Feel free to give me a call or email. Nick @ American Liberty Mortgage - Denver, CO. 303-458-3778 / nick@almortgageinc.com.

More info needed, but in general, for a conventional loan, any new value is not recognized inside of 6 months.. so you would need to wait till you have made your 6th payment to capitalize on any increased value.. If you have an FHA loan now, then FHA guidelines say you need to wait 12 months before refinancing, but you cannot get rid of MI on an FHA loan.. they all have MI and it's there for the life of the loan.. if you have FHA now but refinance into a conventional, then conventional guidelines still apply.. 6 months before any increased value is recognized. Also, for conventional, you can leave the existing loan in place, and request MI be removed, but you need to wait at least years, and you cannot have any late payments in the past 12 months. they would make you pay for an appraisal, but so long as the value is there and your mortgage lender does not have a guidelines mandating you wait longer, you can get it removed without having to refinance.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

MIP stands for "Mortgage Insurance Premium", and is a one time fee added to your loan amount for government loans (FHA, VA, USDA). I assume you are talking about monthly mortgage insurance, which is commonly referred to as PMI, although that isn't always the correct term for monthly mortgage insurance. regardless, if the current loan is an FHA loan, you need to refinance to remove the mortgage insurance (PMI). If it is a conventional loan, regardless of the new equity, you probably can't just get it dropped yet. Generally speaking, if you start a conventional loan with mortgage insurance, you'll need to make at least 24-payments, and have no late payments in the past 12 months before they typically will even consider removing the monthly mortgage insurance. Call your servicer for more details.