Can you refinance with no PMI?

julieo814
Contributions:8

My husband and I bought our home in June 2008 with 6% interest with no PMI, even though we only put 5% down. I know rates are in the 5s and didn't know if there were any refinancing options that would benefit us and keep us from paying PMI. We owe 156K and our home is worth approx. 175K. Ultimately, we would like to reduce our interest rate and be able to break even with closing costs within the next few years. We plan to stay here for at least 10 years, if not longer.

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February 20 2009 - Indianapolis

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Answers (7)

celacante
Contributions:2

Same situation, I bought my house in 2008 with 6%l interest and PMI. I am trying to refinance it but PMI are so high. I owe 323k but it's worth 345K - 369k. (I originally bought for 374K in with 5% down payment in July 2008). I have good credit and a job. Any advices? Is this the best time to refinance it?

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October 25 2011

Peter Bright, "Jumbo_Mortgage_Rates"
- 0.0/5.0
Contributions:45

yes... you can lower your rate substantially, and yes, I have lenders and programs which, according to your scenario, will offer you refinancing with out a monthly or upfront mortgage insurance premium.

Feel free to call me and I'll be happy to answer your questions.
Thanks,
Michael
[moderator edited for contact info, please refer to good neighbor policy]

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January 26 2010

Wayne Brown, "SDMortgagefinder"
- 0.0/5.0
Contributions:1433

Great advice from the forum. Untill things change, stick with what you have now without the PMI.

Good Luck

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January 25 2010

Peter Bright, "Jumbo_Mortgage_Rates"
- 0.0/5.0
Contributions:45

We have several program that allow 90% with no MI or PMI with 680 or better credit scores

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January 25 2010

Clay Branch, "Georgia Loans"
- 5.0/5.0
- (1 review)
Contributions:7835

6% and no MI at 95% is the same as 5% with MI, it's actually a little less than 5% so unless rates go to 4.25% and include MI, it's not going to be worth refinancing. You got a sweet deal when you bought. Property values may have slipped a little too wich would put you over 95% ltv.

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February 20 2009

Brian Ladd, "brianladd"
- 5.0/5.0
- (2 reviews)
Contributions:4

Unfortunately not without 20% equity on your $175,000 home, your loan would need to be $140,000 or lower. 6% with no Mortgage Insurance is great! I'd keep it!