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I need assistance with a 95% loan to value refinance with out PMI?

by portele883 from Houston, Texas. Dec 3rd 2019 Reply


Why not consider a first mortgage at 80% loan to value in a second mortgage at 15? You could avoid mortgage insurance without having to pay the higher lender paid PMI interest rate

Dec 3rd 2019
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Christopher Arco (1stNationwide)
#171 ranked lender in California - 47 contributions

There is an option for that scenario. Call me to discuss 888-400-0433 x 313 Chris

Dec 3rd 2019
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,002 contributions

Anytime you are above 80%, you MUST deal with PMI somehow. The most common way of paying it is monthly, which you clearly see on your monthly statement, and which will go away eventually. The next most common is that you DON'T have monthly mortgage insurance, but lenders make up for it by charging a slightly higher interest rate. Generally 0.25% to 0.375% higher rate. Next is you don't have monthly mortgage insurance, but instead you pay a one time lump some at closing equal to about 30 - 36 monthly mortgage insurance payments. Finally your last options is two loans. and 80% first, and a 15% second. The last option used to be a popular alternative, but with many market charges, especially the fact that PMI is significantly cheap these days (especially if you have great credit), we don't do a lot of that anymore. I lend in MN, Wi, and SD at JoeMetzler.com. NMLS 274132

Dec 3rd 2019
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