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My current loan is $252k. The house is worth $292k. I currently have an FHA loan at 5.375%. My credit score is 780. Is there a lender out there that will take on my mortgage with no PMI with only 85% LTV?
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July 03 2010??
This isn't the answer you are looking for but there is a new Streamline FHA refinance that could get you out of the high MI payment and probably a 4% or better rate. I just ran a payment calculation and it would be about $1318 - $1375 not including taxes and insurance. Let me know if I can help. We can do loans in all states. Thanks,Kathy Funke
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There are many variables to consider when reviewing your refinance options. The best way to determine which option makes the most financial sense and matches your overall goals is to have a TOTAL COST ANALYSIS provided to you. This analysis will break down the interest left to be paid on your current mortgage & compare the interest and costs of refinancing, along with strategies on how to best use/re-direct the savings.
Tom correct that a 15 Yr FHA refinance at your projected Loan-to-Value would not incur monthly MIP (mortgage insuance).
All conventional loans above would incur mortgage insurance (PMI).
A VA refinance does not incur mortgage insurance.
Feel free to contact me with any questions.
Clay's guidance is good; another option would be to break the loan into 2 loans; an 80% First mortgage and a HELOC 2nd Mortgage for the difference. Not all lenders can offer a HELOC, but in your situation, it should allow for the lowest overall loan costs.
Using your figures the loan to value is 86.3%, after rolling in closing costs and prepaids you will probably be just under 90%. If you refinance to a conventional loan you should get 4.25%-4.375% on a 30 yr and the monthly mortgage insurance payment will be about the same as you pay now. If you pay the closing costs and prepaids at closing and lower the balance to 85%, then the monthly mortgage insurance payment will be lower than you pay now. Also, once you get to 78% on a conventional you can use a new appraisal to remove the MI which is different than the MI removal on FHA. Another option is lender paid mortgage insurance which will bump the rate up to 4.5% up to 85% LTV or 4.625%-4.75% for 85.01-90% LTV and no monthly MI payment.
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