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Is there a way to refi a 2nd home with MI built in?

I have a 2nd home in Hilo, HI that I now have to rent out (it is actually the first home I have owned but somehow claimed as a 2nd home since I do not live in it).  I have a 6.75% 5 year ARM and have been forced to rent out the house but will lose my renters soon.  If I can not find renters or refi to a lower rate and payment, I will not be able to afford the home.  I have contact B of A to have the MI removed so I can refi but the request was denied.  Is there anything I can do??
  • November 20 2009 - Hilo
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Answers (1)

Hi,

The MI is generally determined by two things:
1. Loan to value ratio - you need to have 80% mortgage, to 20% equity
2. You need to own it for 2 years.
If they are unable to refinance based on these, contact another lender. A local lender of one in Honolulu.
Email me if you need a few recommendations.

Aloha,
Frank
  • November 22 2009
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