Profile picture for som4hf

Can I re-fi w/o getting an appraisal? I don't have PMI, but value has dropped & now I'm < 20% equity

In July of 2010 (at the height of the first-time-homebuyer-tax-credit "boom") I re-financed my mortgage for a final balance of 124,000 at 5.0%.  At the time, it appraised at 155,000, so i was right at the 20% equity mark and therefore stopped paying PMI.

Now that rates are in the 3's, I am interested in re-financing again, but I'm concerned about paying $350 for an appraisal fee and being below the 20% equity mark and then having the new PMI off-set any savings that the decreased rate would offer.

Anybody know of any banks that would allow me to get around this predicament? Zillow estimates my house at around 140k, but I realistically think it is around 148k.  My mortgage balance is currently at 120,400.  

Thanks in advance for any advice.
  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.
July 13 2012 - Overland Park
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 (2)

Call the person who last refinanced your loan. There is a chance they can streamline refinance you without cost of an appraisal. The chances of successfully refinancing without PMI with someone other than the current note holder would be slim. Good luck! .
  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.
July 14 2012
Because of the date of your last refinance, you do not qualify for the HARP program. Your best bet is to talk to your local lender and discuss the cost of Single Premium Mortgage Insurance. This is where you pay a one time fee at closing, (based on credit score and loan-to-value), and eliminates the monthly charge. This may be a way to refinance and take advantage of the lower rates.

Thanks and good luck!
  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.
July 14 2012
 
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. 9698 Wedd St, Overland Park, KS Home For Sale
    9698 Wedd St, Overland Park, KS 66212

     For Sale: $119,950

    • Beds: 3
    • Sqft: 900
    • Baths: 2.0
    • Lot: 6098
  2. 8709 W 72nd St, Merriam, KS Home For Sale
    8709 W 72nd St, Merriam, KS 66204

     For Sale: $146,000

    • Beds: 3
    • Sqft: 1090
    • Baths: 1.5
    • Lot: 8712
  3. 12817 W 106th St, Lenexa, KS Home For Sale
    12817 W 106th St, Lenexa, KS 66215

     For Sale: $240,000

    • Beds: 4
    • Sqft: 2315
    • Baths: 2.5
    • Lot: 11761