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Old 09-12-2010, 05:43 AM
 
Location: Virginia
228 posts, read 536,672 times
Reputation: 69

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I bought home in Jan 2008.I paid 320k.Loan amount was 305k.Present loan balance is 294k. Zillow estimated value is 272k(mainly due to short sales and foreclosures). I cannot refinance now because I have LPMI na dhigh Loan to value ratio. When will the LPMI go away? I can arrange 15k cash to pay if refinancing can be done. What are the options for me?
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Old 09-12-2010, 10:00 AM
 
207 posts, read 413,628 times
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I think whenn you paid down 20% of the loan. Just call your lender they can give you this information very quickly.
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Old 09-12-2010, 10:29 PM
 
Location: West Orange, NJ
12,040 posts, read 9,124,564 times
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yes. you need 20% (i think it's actually 22% but 20% is if it's initial loan). you also have to pay it for at least 2 years according to my bank (they said this is standard).

if you're paying monthly, change to biweekly or weekly to tackle the principle balance slightly faster. good luck!
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Old 09-13-2010, 07:37 AM
 
Location: Plano, Texas
1,672 posts, read 4,424,774 times
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LPMI never goes away. PMI does once you have 20% equity but if you chose LPMI, you took a higher interest rate instead of paying PMI seperately.

Only way to get rid of LPMI would be to refinance.
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Old 09-19-2010, 08:17 PM
 
Location: Aldie, VA
199 posts, read 371,839 times
Reputation: 90
Also depends on the type of the loan. I believe with an FHA loan you have to pay PMI for 5 years regardless of what the LTV is, even if you get it below 78%.
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Old 09-19-2010, 09:48 PM
 
139 posts, read 426,376 times
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Quote:
Originally Posted by darkblue View Post
I bought home in Jan 2008.I paid 320k.Loan amount was 305k.Present loan balance is 294k. Zillow estimated value is 272k(mainly due to short sales and foreclosures). I cannot refinance now because I have LPMI na dhigh Loan to value ratio. When will the LPMI go away? I can arrange 15k cash to pay if refinancing can be done. What are the options for me?
Actually, you can refinance. A lot of lenders are lending up to 125 LTV. Metlife, Wells being two of them. Looks like you're right at 110 so you should be good...

It wont change your PMI... but you should contact someone if you're looking to save a couple bucks. My guess is your rate is about 6.5 or so?
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Old 09-20-2010, 08:35 AM
 
Location: Virginia
228 posts, read 536,672 times
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Quote:
Originally Posted by sigep739 View Post
Actually, you can refinance. A lot of lenders are lending up to 125 LTV. Metlife, Wells being two of them. Looks like you're right at 110 so you should be good...

It wont change your PMI... but you should contact someone if you're looking to save a couple bucks. My guess is your rate is about 6.5 or so?
Yes my rate is 6.25%.
How much rate can I get if I go thru wells. Will I get it below 5%?
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Old 09-20-2010, 08:36 AM
 
Location: Virginia
228 posts, read 536,672 times
Reputation: 69
Thanks everybody for the responses
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Old 09-20-2010, 11:41 AM
 
139 posts, read 426,376 times
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Quote:
Originally Posted by darkblue View Post
Yes my rate is 6.25%.
How much rate can I get if I go thru wells. Will I get it below 5%?
It all depends on LTV and a LOT of other factors... so it is really hard to guess. At 6.25% LTV and negative equity, you're probably looking at about 5%. At your loan amount, it is probably worth it. Either way, I think you should talk to someone at Wells.
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Old 09-24-2010, 07:45 PM
 
41 posts, read 76,574 times
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PMI goes away when you reach an 80% LTV if you call in to your mortgage company. By law, it must drop off automatically at 78%. This is for conventional loans. I don't do FHA, that may be another story.
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