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Need help refinancing a loan under $50,000 w/PMI

I have 24 years left on my mortgage and currently owe just shy of $47,000. My interest rate is currently 7.25% and I pay about $50/month for PMI. My estimated house value is about $100,000. Single family in NY. It is a Fannie May loan.

I am currently with bank of america (was originally with countrywide) and would love to get away from them. So far they were the only ones to work with me though, offering me a 15year 4% HARP w/2000-2500 in closing costs. When I asked about finally getting rid of my PMI I was told I would have to wait 120 days after closing and then call them up and they could do a 'Market Appraisal'? for $75 and that would get rid of my PMI.

Is this a good deal? I have calls in with 4 other banks but no one is bothering to call me back.. it also took me 3 different agents with BoA to finally get someone who would talk to me. Also, can I drop my PMI now without having to get an appraisal before I refinance?

I have a decent credit score sitting around 720 if that makes a difference
  • June 06 2012 - Schenectady
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Answers (3)

Looks like this is your lucky day!  I would suggest you contact Chris now  as you have been in limbo long enough and he likely can do better than HARP (not a good option for you) loan you mentioned.
  • June 06 2012
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Profile picture for Chris Corica
Charles is correct regarding the loan amount and not doing a HARP loan. I do have loan size flexibility and would be more then happy to put together a no cost, no obligation mortgage loan quote. Feel free to contact me through my profile.
  • June 06 2012
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You are prob not receiving calls back due to your low loan amount. Many brokers, myself included, cannot make a profit on loans less than about $70k due to all the predatory lending laws. I would talk with your local bank.

And if your home is really worth $100k, don't bother with HARP and apply for regular refinance with appraisal and the PMII will be removed from the new loan. The rate might be slightly higher with a local bank but in the long run you'll be happier with the reponse and service in my opinion.

Best of luck!
  • June 06 2012
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