Never fear,
I had the same problem ….they wanted $12000 for MI. The broker was financing against all other properties (hence getting the commission for all refinance). In the end i financed against only one other property….. the one with the most equity.
This loan had to be done with a different bank to keep loan value at each bank below $500 000 (causes more problems) and only had to pay $2000 in the end.
Hope this is suitable for you.