Have 35% equity, but still need mortgage insurance?

[COrnguy]

I'm wondering if I'm being scammed here? Bank quoted 4%, paperwork is now showing 4.5%, with APR being closer to 5.5%.

I'm getting "down to the wire" having a 30 day deadline to payoff CitiFinancial, as they accepted a payoff amount, and don't feel I have the time to shop around.

Plus, after looking at my credit reports, CitiMortgage has me listed as being chronically late (180 days) for years. Since my BK13 in 2007, I've never been a day late.

[LadyInTheRed]

Without more information on the context of the quote, it's hard to say what's going on. My best guesses at what is going on is that either the 4% quote was before they ran your credit or the rate increased. No mortgage rate is guaranteed until it is "locked in".

Maybe they are requiring mortgage insurance because of the late payments. It sounds like you need to dispute the credit report.