Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for jenrobbins92405

Refinance with PMI?

We are in a negative equity situation. We purchased in March of 2007.  We currently owe about 70k more than current value, and are in an ARM.  If we refinance now, will the new lender charge us a PMI?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 05 - San Bernardino
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (7)

It completely depends on the type of loan you currently have. If your property is eligible for a HARP 2.0 Refinance and you do not currently have PMI then you would not be required to add PMI to the loan. You need to speak with someone to provide more detail so that you can get the best advice & options for your specific situation. You are welcome to contact me through my profile if you need some help. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 10
This is a great question that a lot of people have. It will depend on the type of loan you currently have and the type of refinance you do. If you currently have an FHA loan and you use there streamline program, then you will have monthly PMI. It will be at .55%. If you currently have an Fannie Mae or Freddie Mac loan and do a HARP loan, then it will vary. If you are currently paying PMI, then that PMI with transfer to your new loan and the payment will stay the same. If you are not currently paying PMI, then with your new HARP loan, you will not have to pay it. There are also streamline programs for USDA and VA loans if you have one of those loan types.

I hope this helps.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 06
You can possibly try a HARP refinance or FHA streamline with your situation. There are many more details we would need to give you an accurate response on what you should do. As for now, you should look into those two options and see if these can work for you.  The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 05
look up your home on the following addresses to see if its currently a Fannie/Freddie loan
https://ww3.freddiemac.com/corporate/
https://knowyouroptions.com/loanlookup

if so you probably qualify for a HARP loan and can be underwater to refinance.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 05
HARP Refi or FHA Streamline hopefully.

Google does Fannie Mae own my loan and do a loan look up.  If you do not get a hit Google does Freddie Mac own my loan and do another loan look up.  If it is not either of the two look at your current mortgage statement and see if it has an FHA case number on it somewhere.  Report back your findings.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 05
Do you know if you have an FHA or Conventional loan?  Do you currently have PMI?  If you have a Conventional loan backed by Freddie Mac or Fannie Mae, you may be eligible using the HARP Program.  If you have an FHA loan, you may be able to do a Streamline Refinance.  
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 05
That depends on whether your current mortgage is owned by Fannie Mae or Freddie Mac.  Most loans are securitized by these GSEs and yours may be even if you never received notice and it is serviced by another company.  If it is owned by Fannie or Freddie, it should be eligible for the Home Affordable Refinance Program (otherwise known as HARP) and you will likely qualify for a refinance with no PMI even if you are underwater.

I can help determine if you are eligible if you contact me with more details.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 05
 
Related Questions
Refinance with PMI?
Profile picture for Tracy Story
Latest answer by Tracy Story
February 10 | 7 answers
  • Asked by jenrobbins92405
  • In Refinance
  • February 05
what my house worth?
Profile picture for Steve Greene
Latest answer by Steve Greene
February 27 2012 | 2 answers
  • Asked by user108969
  • In Refinance
  • February 24 2012
has anyone had luck with their loan modification from provident funding associates
Profile picture for gr8math
Latest answer by gr8math
November 10 2011 | 4 answers
What is the normal range for loan discount fee for a loan re fi loan for under $150,000?
Profile picture for Rudi Hofmann
Latest answer by Rudi Hofmann
June 12 2009 | 4 answers
can i refinace my comercial building
Profile picture for Paul McFadden
Latest answer by Paul McFadden
March 01 2009 | 2 answers
  • Asked by cityfurniture59
  • In Refinance
  • March 01 2009
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 11190 Sunkist Dr, Loma Linda, CA Home For Sale
    11190 Sunkist Dr, Loma Linda, CA 92354

     For Sale: $415,000

    • Beds: 3
    • Sqft: 2215
    • Baths: 3.0
    • Lot: 2962
  2. 1347 W Trenton St, San Bernardino, CA Home For Sale
    1347 W Trenton St, San Bernardino, CA 92411

     For Sale: $135,000

    • Beds: 3
    • Sqft: 1102
    • Baths: 1.0
    • Lot: 8250
  3. 255 E 46th St, San Bernardino, CA Home For Sale
    255 E 46th St, San Bernardino, CA 92404

     For Sale: $245,800

    • Beds: 3
    • Sqft: 1428
    • Baths: 2.0
    • Lot: 6750