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I have a LTV of 90%, can I refinance?

My credit is 743 and my salary is 75k a year. I got my home three years ago, haven't been late. I want to take advantage of the low rates today so I was wondering on a 325k home with 90% LTV on the loan, can I refinance into a conventional loan or would I use other programs like HARP (I don't know if my mortgage is Fannie or Freddie)? by rachel_333_539 from Chicago, Illinois. Dec 14th 2011 Reply


Jerry Mlinar (jmlinar)
#24 ranked lender in Illinois - 6 contributions

Hello Rachael,I have an excellent refinance program for a 90% LTV Conventional with no mortgage monthly insurance. Call me at 847-204-7640. Thanks Jerry Mlinar

Dec 14th 2011
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Todd Tholl (ttholl@equityloansllc.com)
#4 ranked lender in Iowa - 206 contributions

You should be able to refi with a Conventional loan if your LTV is 90%

Dec 14th 2011
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Hi Rachel, I am not sure from your question if the 90% loan to value is your current situation or at the time you purchased. If your loan had PMI when you purchased, you should be able to refinance with your current lender but it is likely that some of your savings with interest will be offset by a higher PMI charge. If you do not have PMI, then it is likely that you will be able to refinance and save money with a loan depending on if the loan is owned by Fannie or Freddie. Because you are in Illinois, I would be able to help you and find out if it qualifies under the HARP programs. Let me know. I can be reached by cell at 847.209.9458.

Dec 14th 2011
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Jeff Cost (midwestlender)
#41 ranked lender in Ohio - 159 contributions

Conventional refinance is possible up to 95% Loan to Value. You should be in good shape for a rate & term refi if you are at 90% LTV. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710#!/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall Or Call Anytime 513-403-6260

Dec 14th 2011
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Sam Perez (SamPerez)
#53 ranked lender in Illinois - 30 contributions

Hi Rachel - thanks for the question. You seem to be in a good situation to refinance into today's low interest rates without having to go through HARP. With a 743 credit score you qualify for our OnTheHouse(TM) Refi Program which offers a true no-closing cost loan. If everything else looks good you should be able to get a 3.75% interest rate if you move on the refi soon. Let me know if you have any questions. Good luck!Sam

Dec 14th 2011
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Richard Glover (rglover)
#42 ranked lender in Illinois - 69 contributions

You don't need a HARP loan to refinance with a 90LTV loan. There are several options that will allow you to refinance and some ways you can reduce any monthly required mortgage insurance.

Dec 14th 2011
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 4,620 contributions

You can refinance, however if you don't have mortgage insurance now, and your loan is owned by FANNIE or FREDDIE, you can do it immediately... it's possible that after Feb. 1st, there might be a better program with better rates, but you can absolutely refinance now... WilliamAcres.com

Dec 14th 2011
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Bert Carpenter (BertCarpenter)
#39 ranked lender in Arizona - 1,731 contributions

With your scores, you should be eligible to refinance without having to resort to the existing HARP or the upcoming HARP program. Conventional loan programs will allow refinancing up to 95% of the appraised value. One of the anticipated benefits of the new HARP program is no new appraisal and NO mortgage insurance. HARP would only be available if your loan is owned by Freddie or Fannie. You can check here http://www.fanniemae.com/loanlookup/ for Fannie and https://ww3.freddiemac.com/corporate/ for Freddie. For assistance in determining the best options for you, work with a local Mortgage Banker/Broker rather than one of the big banks.

Dec 14th 2011
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Hey Rachel, In todays market you shouldnt have a problem with most programs getting a conventional loan. depending on your term your rate would prob be between 3.4 and 4.1%. I can offer many various types all i would need is about 5 mins to analyze your situation. Feel free to shop around as well!Tomas773 669 6160

Dec 14th 2011
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Blake Kleckner (BlakeK)
#18 ranked lender in California - 208 contributions

You can refinance with a 90% LTV but you will either pay borrower paid mortgage insurance (BPMI) separate from the loan or, lender paid mortgage insurance (LPMI) in the loan through a higher interest rate. HARP isn't necessary because it's for LTVs 105% or higher.

Dec 14th 2011
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