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On behalf of my cousin, I am asking a refinancing question concerning his house. He bought a house back in 2008. He's got a $190k mortgage at 6.5%. He wants to refinance to take advantage of lower interest rates. He is currently paying $1500 a month for mortgage on a $200k and would like to lower his bills. Financially, he is still fine, but would like to lower bills so he can put some more money in savings just in case.
Currently, his $200k house seems worth less than his mortgage. He has not gotten a formal appraisal, but looking through Cyberhomes and Zillow, he's getting ballpark figures between $135k to $175k. On realtor.com, other similar houses in the area are priced around $160k to $200k. There are also house in the same area that's close to $1million. He mainly bought the house for the location, so that might be a good factor for him.
What options does he have for refinancing? Are there any current programs that he can take advantage?
He said he contacted his mortgage company (SunTrust) for any options, but he was told that they didn't have any for him. He said he'd be happy if he could knock off the $123/month for PMI, but Suntrust told him that he can only get it re-evaluated in 2 years (2010). Seeing that his house might be worth less than his mortgage, it sounds like he's got to deal with PMI.
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