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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?
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!
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%.
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?
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%?
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.
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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