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if I don't include my second mortgage, can I avoid paying mortgage insurance if my LTV is below 80%?

My first is due to adjust. I only want to refi my first and it will be below 80 LTV of the house if I don't include my 2nd mortgage. My goal is to avoid paying mortgage insurance. Is this possible?
  • November 26 2009 - Fullerton
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Answers (7)

There are a few more variables in this question.  Is your loan currently held by Fannie or Freddie - where are you getting the values to assume an 80% LTV.  

There are refi programs out there which will let you do the first - but there is no way they will subordinate to the second.  You will most likely have to do both loans at once.

I would call a couple local mortgage brokers and give them your full scenario.  They will be able to give you a definitive answer on your options and the real cost involved.
  • September 19 2010
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20000% CLTV!   Giving people false hope that banks will really refinance to unlimited CLTV is a waste of everyone's time.  Are you sure you're really not a realtor in disguise?
  • November 27 2009
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Nic, No limit for CLTV.
  • November 27 2009
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Really Robin?  No limit? 
  • November 27 2009
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You may qualify for the Home Affordable Refinance Plan if you currently have a Fannie Mae or Freddie Mac mortgage.  There is no limit to CLTV with these programs!
  • November 27 2009
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Don is correct about the 80%. But, what percentage is your 2nd when combined with your 1st?

In CA you can't go over 90% with a 2nd doing a "normal" rate & term refinance. Also your 2nd will need to be willing to subordinate as 2nd position with your new loan. .... Good luck!
  • November 27 2009
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Yes, you would not have mortgage insurance if your first mortgage is at an LTV of 80% or less.
  • November 26 2009
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