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Where to refinance with LTV of 90% and good/excellent credit

I'm looking to take advantage of the current low rates by refinancing my mortgage. My LTV is 90%, I am current on all of my payments, and I have good to excellent credit (720-740). Any suggestions where I should look to refinance?I paid off all of my PMI upfront with my original mortgage. Will refinancing cause me to pay for PMI (or some variation of PMI) again? by kazper from Baltimore, Maryland. Jun 12th 2012 Reply


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#0 ranked lender in

To answer your question, Yes, you would have to pay it again as it would be a new loan. There are options in getting around paying it, one of which is doing a 1st & 2nd lien, or what is called an 80-10-10. For faster, better service, find a local broker in your area to help you with your loan vs. one of the large banks that are all backed up with refi's. Good luck to you.

Jun 12th 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 4,761 contributions

Fannie / Freddie won't work if your loan was after June 1st, 2009. There are lenders out there that will do rate & term refinance at 90%, but you will have to pay PMI in some form... either upfront or monthly.. if you want to know for sure you should contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 12th 2012
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Ken Burrows (mortgagesforamerica)
#21 ranked lender in Nevada - 516 contributions

We should be able to qualify you under the HARP 2.0 program, therefore you will not need to pay MI again. Give me a call today, I should be able to help you. 888-320-7888 - www.MortgageWholesale.net - Ken

Jun 12th 2012
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Mark Simon (mark.simon)
#10 ranked lender in Delaware - 83 contributions

There are a couple options that will allow you to refinance with no PMI. Give me a call and with a little more info from you we can immediately determine what rate is possible with no PMI. Mark 800-485-1387 Extension 107.

Jun 12th 2012
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#5 ranked lender in

Kazper,I'm a Direct Lender in the Washington Metro Area and can provide you with a couple of different options for refinancing such as an 80/10 transaction to avoid MI and other options as well. Please give me a call at 202-642-4305 to discuss your options.Noel A ShepherdMortgage Loan OfficerDirect: 202-642-4305www.noelshepherd.com

Jun 12th 2012
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mortgage wholesaler, I secured the loan after the 2009 deadline so I do not qualify for the HARP 2.0 program. Ideally, I'd like to decrease my interest rate from 4.9 to 4.0 or less if possible.

Jun 12th 2012
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Brett Pehrson (brett@homeloansinutah.com)
#3 ranked lender in Utah - 216 contributions

Look for a local mortgage broker. They'll know who is and is not giving the best rates and service, right now. Some of the lenders that are heavily refinancing the HARP programs and FHA Streamlines will be extremely slow, and, honestly, some of the best rates for someone like you are found with a few specific lenders who just do good credit conventional loans like this; you probably wouldn't have access to them unless you work with a broker, actually. Since you don't qualify for HARP 2, plan on paying some kind of MI again. A good lender will work out your best options, though.

Jun 12th 2012
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Bert Carpenter (BertCarpenter)
#41 ranked lender in Arizona - 1,731 contributions

Some great answers here, but the best way to find out your best options is to work with a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Jun 12th 2012
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