Can I refi without PMI

Hi Jeff. Based on the outstanding balances you provided, your home would have to appraise for nearly $267,000 to avoid paying PMI on a single loan. You do have the potential to refinance your first down to $188,000 to avoid PMI on a new 1st mortgage; however, you would have to hold a higher 2nd mortgage. Hope that helps you during your decision making process. Happy Holidays!

Yes.... sort of. Most lenders will tell you that you must have 20% equity in the home to not pay MI. And this is true. However there is an option where you will have no monthly PMI. This works by paying an upfront PMI one time only. As long as you are not planning on selling your home in the very near future, you end up paying much less than the monthly premiums - AND it keeps your payment down since the monthly PMI is eliminated. Let me know if you want more info. 1-855-823-2781 (toll free)

There may be on option to refinance the first for a lower rate, but the second could not be included and would have to remain in place. You should talk with your current lender about a HARP refinance which allows for a loan to value in excess of 80% and would not have PMI if you do not have it now.

Based on the numbers you have presented, re-financing without PMI in the traditional conventional loan market is doubtful. There are a couple of options available to you. Lender paid MI is where the lender pays the upfront PMI premium. The funds are derived from the interest rate you agree to. Your new interest rate is likely to be significantly lower than what you are paying now, but not as low as it could be if had 20 % equity, which you don't. The other option may be a refinance under the Exiting HARP program, but this is only available if you loan is Owned by FNMA or FHMC. My best advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org

Hey Jeff... a 1 1/2 year old appraisal is not really going to help in this situation, however you can refinance and choose a lender paid mortgage insurance program or pay an upfront mortgage insurance option. Both of these options will lower your monthly payment and you would not have any monthly mortgage insurance premium attached to your monthly payment. Contact a local mortgage broker, not a bank and apply with them... they have access to numerous lenders and can find the right one for your particular scenario. WilliamAcres.com

Hi, Yes you have a couple different options where you would not have PMI depending on what your credit score is. If you could give me a call we could discuss this in more detail. I look forward to speaking with you! Thanks Marten MannMain Street Financial, Indianapolis, IN317-296-0231

I took the last appraisal amount and what is owed on the loan and HELOC and come up with a 13% stake of equity in the home. This is assuming that the appraisal comes in at the same value as 1.5 years ago. In this scenario, a 30 year loan will have pmi. If you were to go with a 15 year FHA, you will only have the upfront pmi of approx. $2040 but not a monthly fee added to your payment.

Jeff- PM is required o all loans exceeding 80 loan to value (LTV), except FHA. FHA require PM regardless of LTV. You will be able to avoid PM with a "combo-loan." With an 80% 1st and a 10% 2nd. Very few lenders that offer 2nds will exceed 90%..... Best wishes, Rudi