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Answers (7)
Best Answer
- Brian Goetz, "bri_gets"
- Contributions:295
If you do not qualify under the HARP program, then you can't avoid the MI on a refi. You may want to look at a "lender paid mortgage insurance" option. The rate will be higher, but you won't have to pay a monthly mortgage insurance premium.
Even with the higher rate, you should still be able to get lower than your current rate.
Even with the higher rate, you should still be able to get lower than your current rate.
- bobby0703
- Contributions:5
Split your mortgage into 80% first mortgage and rest up to 10-15% in to HELOC loan.
Then you don't need to pay PMI on 1st mortgage.
I did same, when I bought and I think it can be done for ReFi also.
Then you don't need to pay PMI on 1st mortgage.
I did same, when I bought and I think it can be done for ReFi also.
- TFB12
- Contributions:2
Thanks for the replies. Looks like there's no way to avoid MI unless the govt expands HARP. Might still be worth looking into with these low rates.
- Alan Morris, "NC Home Loans"
- Contributions:4
There even be a better option - do single premium MI - you pay one lump sum upfront and wipe out the monthly. Tremendous savings if you'll be in the home for a long time.
I handle loans in North Carolina but I can refer you to someone if you live elsewhere!
Alan
I handle loans in North Carolina but I can refer you to someone if you live elsewhere!
Alan
- Michael MacDonald
- Contributions:25
What you could do is borrow up to 80% of the current appraised value as a first mortgage, thereby avoiding PMI and have the same or a local bank or credit union provide a
home equity line of credit (HELOC) for the balance.
So long as the combination of the two does not exceed 95% of the appraised value, you should be fine.
Your best rates on the first are lower as the combined loan-to-value is lower...usually at 80, 85, 90 and 95% price points.
I hope this helps out.
- Howard Vernick, "HowardVernick"
- Contributions:47
You'll have to pay PMI on way or another if you don't currently have the 20% equity in your home and you don't qualify for the HARP program.
- Dave Skow, "daveskow"
- Contributions:1104
Should be able to ..as long as ltv is under 95%
ask soem loan officers to work up some ideas that include " lender paid Mortgage insurance " or " single premium mortgage insurance " ....both these ideas might allow you to avoid the need to pay monthly mtg ins and lower your rate from 5%
ask soem loan officers to work up some ideas that include " lender paid Mortgage insurance " or " single premium mortgage insurance " ....both these ideas might allow you to avoid the need to pay monthly mtg ins and lower your rate from 5%
Bought with no PMI, LTV now >80%. Can I refi w/out PMI?
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