Need help with refinancing an 80/20 mortgage...I need some guidance on refinancing my home.I purchased in 2005 with an 80/20 loan, to avoid PMI. We purchased the home for $229K. My current monthly payment, including taxes and insurance, is $1,660K. The 80 is a 30yr fixed with a rate of 5.75%. The 20 is a Home Equity line with a Revolving APR of 5.5% and Lock 001 Beginning APR currently at 8.4%. Monthly payment is typically around $400.Fannie Mae/Freddie Mac are not investors in my loan, so I am not eligible for HARP. When I called my loaner of the 30 yr fixed, they informed me I am not eligible for any other programs, but could possibly refinance.In order to do this, my home needs to be appraised at $239,000. Zillow says it is currently worth $199K, where my latest market value from my 2011 property tax assessment is $232K. If the home appraises for the $239K, we could refinance the 30 yr mortgage into another 30 yr with a rate of 4%. This would make my monthly payment $1385K. Closing cost is $32 fee, plus $425 appraisal fee, and title fees, which will range between $1200-1500 in my area. We have excellent credit, zero credit card debt, and have never missed a mortgage payment. We have never refinanced and are looking for some breathing room on a monthly basis.January 10 2012 - Shorewood0YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.