Profile picture for user2440463

AZ Refinance conventional loan with no PMI, LTV 90pct

Based on a recent sale in our neighborhood for a home of similar size and features I now beleive our loan-to-value ratio is now 90 percent. We are 3 years into a 20 yr mortgage at 5.25 pct and I really want to look at refinancing to a lower rate but feel that PMI will negate our savings. Because of the dates of our 2009 refinance we do not qualify for any HARP programs and will have to stay conventional. Does anyone have any suggestions or recommendations on programs or lenders that may refi with no PMI? Our credit is very good, 767 and 780 respectively, if that makes a difference.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 02 2013 - Chandler
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (5)

Pmi may negate some of your savings but if you keep the loan for the entire 20 years you may be better off with pmi until your ltv drops to 78% vs going with no pmi which basically means you pay a higher rate (or fees) for the life of the loan. You can reach out to me in my profile if like.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 03 2013
Yes you can get a conventional loan with NO PMI.   Looks like your credit score and loan to value fits the required box to get started.    Contact a ZIllow All Star lender for a Good Faith Estimate.  

Jake
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 02 2013
I can email you over a list of lenders that you could contact if you would like an opinion.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 02 2013
You don't mention your balance, but you may be pleasantly surprised to learn the impact of MI on a 20 yr loan with your credit scores.  It is likely that the differential between 5.25% and today's rate would make a refinance attractive, and you could compare Borrowed Paid Monthly MI with lender paid or even something in between. (Split payment MI)
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 02 2013

You could do a lender paid mortgage insurance vs. borrower paid mortgage insurance.  If you would like a comparison reach out to me I would be happy to provide you with one. 

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 02 2013
 
Related Questions
Is it possible to refinance 18 months after chapter 13 bankrupcy?
Profile picture for Julio Zapata
Latest answer by Julio Zapata
September 08 | 6 answers
Should I refinance to a 30 year mortgage
Profile picture for Jason Bojonny
Latest answer by Jason Bojonny
October 07 2013 | 10 answers
  • Asked by nicholasmor
  • In Refinance
  • October 04 2013
Lender forcing to increase interest rate after signing a GFE and appraisal. Is this right?
Profile picture for Geofrey Merino
Latest answer by Geofrey Merino
June 07 2013 | 8 answers
  • Asked by user5899709
  • In Refinance
  • June 06 2013
Can I refinance after a short sale?
Profile picture for Ken Burrows
Latest answer by Ken Burrows
May 06 2013 | 4 answers
Refinance
Profile picture for Jay Armbruster
Latest answer by Jay Armbruster
May 01 2013 | 4 answers
  • Asked by xxx200020008999
  • In Refinance
  • April 30 2013
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 315 E Hiddenview Dr, Phoenix, AZ Home For Sale
    315 E Hiddenview Dr, Phoenix, AZ 85048

     For Sale: $510,000

    • Beds: 5
    • Sqft: 3111
    • Baths: 3.0
    • Lot: 9662
  2. 1321 E Detroit St, Chandler, AZ Home For Sale
    1321 E Detroit St, Chandler, AZ 85225

     For Sale: $185,000

    • Beds: 3
    • Sqft: 1208
    • Baths: 2.0
    • Lot: 4783
  3. 2709 E Kaibab Pl, Chandler, AZ Home For Sale
    2709 E Kaibab Pl, Chandler, AZ 85249

     For Sale: $407,000

    • Beds: 5
    • Sqft: 3082
    • Baths: 3.0
    • Lot: 12028