Profile picture for ca_1011

We have a mortgage with a 136k bal and approx value is 155k what should we do we need a low payment

  • April 28 2010 - Fort Payne
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Answers (3)

Profile picture for Liberty Mortgage
I would determine if your loan is either a Fannie or Freddie-  If so, you can refi into a DU Refi Plus or Freddie Refi Relief with no mortgage insurance-  any other option would not make sense as the lower rates with an ARM would be offset by you having to pay mortgage insurance.
  • April 29 2010
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Also, check out a 7/1 conventional ARM with really low rates as well.  If the appraisal comes in lower than expected FHA allows for a 97.75% Rate/Term refinance on a 5/1 ARM with 1/1/5 Caps. If you have to go FHA look for ARM with2.00% Margin.  All the best, TZ
  • April 28 2010
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Profile picture for DaveAndersson
Look at a 3/1 or 5/1 ARM, they will give you the lowest payment. Rates will be 1-1.5% lower than the rates for 30 year fixed loans.
  • April 28 2010
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