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Upside down refi ???

We have excellent credit and pay our mortgage on time. we bought our first home five years ago at the peek of the market. our rate is 5.75% on our mortage and we also have a home equity loan we took out two years after buying that rate is 8.75% . we did not have 20% down when we purchased so we also pay PMI. we did put down about 6%. are there any options for a refi for us ? so far our mortgage co and our bank say we are out of luck.
  • October 01 2010 - Fairhaven
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Answers (3)

Every day guidelines seem to be changing lately. Find an experienced mortgage consultant and start working with them to get better information.
  • October 02 2010
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excellent credit is a subjective phrase. The score is important. Depending on if your cresit qualifies you, the amount of equity in the home and other regional factors, you MAY qualify for a refi. Many lenders are reluctant to go too far with a person. good luck
  • October 01 2010
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You should start looking around for a lender that's offering the new guidelines by FHA allowing 115% LTV - Good Luck!
Hope this helps...

  • October 01 2010
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