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kellyburkhalter · Joined: 25 Aug 2009 Posts: 1 1.62 Dollars($)

My husband and I purchased a home in 2006 and are wanting to either refinance or get a home equity loan due to the septic system needing to be repaired. Is this something we can do if we are still paying PMI on our current mortgage and owe more than 80% of the original loan value? Thanks!

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

I think you should be able to get a equity loan, if you have equity in the house

jenkin7 · Posted: Tue Aug 25, 2009 11:50 pm Post subject:

Hi kelly,

You can surely look for a home equity loan and use the money to repair the septic system. You can get an equity loan even though you have been paying PMI on your primary loan. If you have already borrowed more than 80% of the home value, you still have about a little less than 20% equity on you home. You can at least use 10% of that equity to get a home equity loan and carry out the repair work.

brownwalter09 · Joined: 10 Aug 2009 Posts: 37 0.00 Dollars($)

i think sunnyca2009 is right. first check whether you have some equity in property or not. It is true that you have paid 20% of original mortgage value. but any mortgage company will consider present value of property.

gmakerley · Posted: Wed Aug 26, 2009 9:54 am Post subject:

kelly, i feel like i'm being redundant, yet i havent seen this particular reference above. i think your best bet is to check with a local credit union, if you belong to any. and if you don't belong to one, and you can join and get your loan, then do so. the other best alternative would be a community-oriented local bank. some of the major lenders also grant home equity loans up to 90% or 95% of value, i believe.

you can try zillow.com to get an estimate of your value, or you can ask a local realtor to give you an idea also. that's key, as everyone else has already mentioned.

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Can I refinance if I am currently still paying PMI and owe more than 80%?