[Sherry]

...equity do you still need monthly mortgage insurance?

[Lee N]

Typically, no. PMI usually is not required if you have equity at 20% or higher. The problem is that right now the value of your home may not be what you think it is. Lenders and appraisers are being a lot more conservative. Good luck to you.

[Kent]

given the equity in your home is at 20% then yes you can re fi your loan. However, you may not need to pay the costs of the re fi by just going to the note holder and drop the mortgage ins.