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I want to refinance my mortgage but do not qualify for any government assisted programs

What does a person do to refinance a B of A loan? I do not qualify for HARP etc. I have made all of my payments on time. I don't think I have 80% loan to value, but I am not underwater either. What are my options? I would prefer not to work with B of A Any advice would be appreciated
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June 28 2012 - Upland
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Answers (4)

HI Debbie,

I can do a loan amount for you up to 97.5%, your loan will not go to B of A.  You can contact me from my information on my profile. I would be happy to answer all your questions.

Regards,
Brynn Sorenson
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June 28 2012
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Thank you both for your replies. I am more confused than ever. :(. I think the problem was that I may not have enough equity. Also not sure what getting an FHA loan means. . (sorry) Just to add a little more info. My current 1st loan is at 6.25% and I have a 2nd @ 10%. I have excellent credit 760 and above and have never been late. I am looking to go down to a 20 or 15 yr loan. I am not interested in starting the clock back at 30 yrs. I hope that I can lower my monthly payment or at least keep it the same. I hope this helps a little. And again thanks fir the replies. I hope u can elaborate a bit more. (I live in CA )
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June 28 2012

Refinance with an FHA - Only bad part is you will have mortgage insurance and the upfront mortgage insurance payment is 1.75%.  Review my profile and let me know if I would be able to assist.  Thank you - James

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June 28 2012
Many banks including mine offer refinance products all the way up to 96.5% and even 97% loan to value. I can not speak for others, but we have mortgage products up to 95% that do not require monthly mortgage insurance.

There is a large stigma among home owners and buyers that you need to be at 80% loan to value to buy and or refinance. This is one of the biggest urban legends in the mortgage market and causes much confusion. If someone tells you that 80% is required it is either because of a different factor, or they do not have access to programs that can help you.

I strongly recommend that you talk with a mortgage professional and get started on a refinance.
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June 28 2012
 
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