@Montu - Yes, with 5% equity (and a loan amount under $417k), you can get a conventional loan, eliminating the montly mortgage insurance payments. Instead of you paying the mortgage insurance every month, we have the bank pay for a one time insurance premium; it's called LPMI or Lender Paid Mortgage Insurance. And this can be done as a no cost loan as well, where the lender pays for all the costs, the new loan balance is equal to your old loan balance. Your credit score and the amount of equity, play a strong influence on what rate you'll get. Sometimes it makes sense, and sometimes you have to wait for the market to come back down. Thanks for the comment!
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