Do I need Private Mortgage Insurance For my refinance?

Hello Wade. You most certainly would need Mortgage Insurance since you LTV is over 80%. You will also need at least a 680 credit score to qualify unless you refinanced with an FHA loan. Freedom Mortgage is a direct lender and funds loans in all 50 states. I would be happy to email you a FREE quote. adennie@fmbranch.com. Thank you.

Yes for anything above 80% loan to value it will be required, you should be able to lower your rate quite a bit so that will take some of the sting of having to pay the mortgage insurance. If your located in Florida please feel free to contact me at (727) 420-8769 Thanks Joe Dovey City 1st Mortgage Services

Hey Wade,As long as what you owe is above 80% which right now you are at 85.7% you will be required to carry Mortgage Insurance. Some lenders may have diffrent programs that may allow you now to have it but almost all of them require you to have it if you owe more then 80 Loan to Value on your home.Gregg MartinComplete Mortgage Solutions 352-380-0213State of Florida

Wade, while the general consensus here is that you will need mortgage insurance, one exception might be that if you do not have mortgage insurance now, have a Fannie Mae or Freddie Mac loan, and can get an Approve/Eligible Automated Underwriting finding on the Open Access or DU Refi Plus program with your new loan to value, then you will not be required to get mortgage insurance on the new loan.