Obviously you want to refinance to get out of it. Several things to consider:
1. What is the property worth? Typically you need at least 20% equity for a lender to refinance.
2. What interest rate are you paying now? The current rates are anywhere from 4.5% to 5% based on your credit rating. If your credit rating merits it and you can get a lower interest rate, then go for it.
3. What is your home income ratio? Typically a lender will require that you have sufficient income to sustain a new loan. You may have to come up with some cash to meet the requirements of a new loan.
Better Homes and Gardens Mason McDuffie