Need assistance refinancing but have Lender paid PMI

This is for you Melissa. Refinancing is not a major problem but considering your current situation and your husband's credit status, repayment would be a major factor to consider. You and your husband would be doing a joint application for refinance if we could help.Contact us for more info; financialservicesonline@outlook.com

Your scenario is not uncommon and is not a problem to get financed... many lenders are doing harp loans with lender paid MI.. The new lender will just have the certificate transferred.. Your problem is your trying to use BofA.. One bank, with one lending program.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

I am a lender in Schaumburg, IL We are able to do the HARP refinance with LPMI. Many lenders do not do this, especially BofA. I have closed many of these. Please contact me at barb.lanis@1amllc.com or 630-660-8868

I can help if it is HARP eligible. My guess is this is an old countrywide loan with lender paid monthly mi. We can do this and I just closed one 3 weeks ago.Thanks Chris Jones312-505-9949 mChristopher.jones@guaranteedrate.com

If you put less than 20% down, you have to deal with mortgage insurance somehow. The most common, and most expensive option is standard monthly PMI. This can be removed after paying it a minimum of two-years AND after reaching a minimum of 80% of the original loan (with an appraisal), or it will fall off automatically at 78% of the original loan amount. A second option is called single premium. With that option, you pay at closing three years worth of monthly mortgage insurance with a lump sum payment. Then there is no PMI monthly, and nothing to drop later. It is by far the best option for those who can afford the payment money at closing. The next option is something called LPMI (lender paid mortgage insurance). This version saves significantly over monthly PMI initially, but can potentially be more costly long-term. On this version, there is no monthly mortgage insurance, and nothing to eventually drop, because your mortgage insurance costs were built into the interest rate on the loan. As an example, you have a 7% rate with LPMI. At the time you took the loan, you probably could have obtained a 6.625% rate WITH monthly mortgage insurance. The 7% rate without monthly mortgage insurance would have netted you a lower payment - which is why that LPMI option was (and still is) an attractive option for many people. With all that said, refinancing a loan with LPMI IS POSSIBLE, and you should try... Just understand because of the complex nature of LPMI - most lenders won't even try a HARP refinance of a loan with LPMI.

i do have a alternative possible solution for you please email me at yourloanpartnerforlife@live.com linda

Jeff and Melissa I would contact a mortgage broker, they can assist you in paying down debt to make your debt to income ratio work.Your case is not uncommon and you can refinance.Good luckMG

Hi Melissa and Jeff,I would have the ability to help you refinance the mortgage with the lender paid mortgage insurance. If you still need help please give me a call at 419.796.0028 or you can email me at agrothouse@getevolved.com. My national mortgage licensing number is 497025Thanks,Tony Grothouse