FHA once the first 60 months have passed you will no longer have mortgage insurance. They require that you have 22% equity.
Conventional loans entertain lender paid mortgage insurance which is financed into the loan and there is no monthly payment, if you have a conventional loan that requires mortgage insurance and you beleive that you have 20% equity in the loan you can provide your lender with an appraisal and a letter requesting that the mortgage insurance be dropped. Iit is however at their dicression that it be removed.
hope this helps.
Camille Marotta, Branch Manager, NMLS 9838
First Alliance Home Mortgage... more
You can refi on your name only John, but you need to prove that the current mortgage has been paid on time. So gather the last 2 years canceled checks for your mortgage payments before going to a lender.... more
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