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Is it possible to refinance if you do not have 20% equity. We purchased the home 1.5 years ago with a downpayment less than 20%. So we are paying PMI and have a 6.25% loan. I know that the PMI will still be in effect but will we be able to refinance anyway?

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

Hi jjas74,

Welcome to our forum.

Here i would like to say that, You can't refinance you loan because before refinance your loan you must pay previous loan. They will not give permission to refinance your loan.

Thanks.

stacy · Joined: 25 Sep 2007 Posts: 15 Location: CA 4.83 Dollars($)

What type of property is this?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

How much was the down payment?

Do you knwo whats the value of your house?

Do you think you have some equity in the house?

if you can answer these questions, it will be easier to answer.

gmakerley · Posted: Thu Apr 23, 2009 6:43 am Post subject:

gunzi's response was thoroughly incorrect; please give it no credence.

jjas, i feel pretty comfortable advising you that you are likely to be able to refinance. if you are not seeking cash in doing so, you can go with an fha loan, which would allow you to borrow up to 97% of the value of the home.

yes, value and current loan balance are important, but you deserve answers before being cross-examined by all of us on here.

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