Posted on: 05th Nov, 2009 11:25 am
i would like to refinance my home. i have an approximate loan to value of 95%. can anyone do this mortgage or is it out of the realm of possibility in today's market? i have great credit and no problems qualifying except the fact that i have a high loan amount to pay off based on the appraisal value of my house.
What you are asking is possible if your present mortgage is owned by Fannie Mae or Freddie Mac.
If not, may still be possible in a state that is not considered a declining market area which is declining to the point where they do not offer private mortgage insurance, as PMI would be required.
Probably possible with an FHA mortgage but that has other ramifications associated with it.
Does your present mortgage have PMI?
If not, and your present mortgage is owned by Fannie Mae or Freddie Mac, you can refinance to a new mortgage with a lower rate and still not need PMI for the new loan.
Call your lender/servicer and ask if your loan is owned by Fannie Mae or Freddie Mac.
If not, may still be possible in a state that is not considered a declining market area which is declining to the point where they do not offer private mortgage insurance, as PMI would be required.
Probably possible with an FHA mortgage but that has other ramifications associated with it.
Does your present mortgage have PMI?
If not, and your present mortgage is owned by Fannie Mae or Freddie Mac, you can refinance to a new mortgage with a lower rate and still not need PMI for the new loan.
Call your lender/servicer and ask if your loan is owned by Fannie Mae or Freddie Mac.
I would recommend you looking into doing requesting a loan modification. The trouble with any other programs out there are that interest rates are a lot higher defeating the reason to look for help. Interest rates for modifications start in the low 2% to mid 4% range. Just got an approval from a bank yesterday at 2% for 5 years and a cap rate of 5.125%. I'm here to help Good Luck
