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is refinancing possible?

Paying 6.25% 30 yr fixed on a 400k loan on a house that would most likely appraise for 450k currently.  No second, no HELOC.  I would like to refinance into a sub-5% 15 or 30yr loan.  My credit score is 740, my mortgage debt to income is less than 2.  Is it difficult to secure a rate like that?  I pose little credit risk, I want a good rate that I don't have to pay into.

Mortgage not owned by Freddie, my money goes to Wells Fargo.
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May 14 2009 - Naperville
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May 14 2009
HI,
In your scenario I think it may benefit you to buy down the rate if you can get something in the low 4's.  A portion of discount points are tax deductible and if you recoup the cost within two years you'll be benefiting for the life of the loan.  Especially if you get a 15 year loan.  With little equity there is a link you can check to see if your loan is owned by Fannie Mae this may be your best option...if not a FHA loan may benefit you even if you have to pay MI (especially if your monthly payments are ower).  Hope this helps!
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May 14 2009
Are you currently paying Mortgage Insurance?  Is your loan an FHA or VA?
You could look at doing a first and second to get the best rates and to avoid PMI.  If you want one loan, a new FHA would give you the lowest payment with Mortgage Insurance.  Just have to check the loan limits for your county. 
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May 14 2009
Profile picture for leander311
I'm almost exactly in your shoes except my loan is only 180k right now.  I barely squeaked in under 80% LTV and locked at 4.625% about 2 weeks ago.  Closing on Monday.  Good luck!
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May 14 2009
If your loan is owned by Fannie Mae you can still get a rate in the 4's with no PMI. Have you checked to see if it is owned by Fannie Mae?
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May 14 2009
looks like you should not have a problem  EXCEPT  the loan to value being over  80%  will  require that motnhly mortgage ins is paid .....( you might  check in the new MHA programs to  use the new program avoid avoid the need to pay mtg ins.

most of Wells fargos loans are fannie mae
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May 14 2009
Your loan-to-value will be around 89%.  It is possible to be under 5.  I would do it if I was approved in your state :).

Good Luck!
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May 14 2009
 
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