Posted on: 07th Oct, 2010 02:01 pm
i have a 30yr conventional loan w/ pmi. original balance $215k. five years later it's around $200k, the townhouse is probably worth $185-190k in todays market. the interst rate is 6.25 i believe, and between the $172 a month for the pmi, it's ridiculous. is there any type of refinance available so we can get rid of the pmi and possibly a better rate? would anyone even give a loan for a house that is not worth the current mortage even with excellent credit?? thanks for your time and help.
Hi Guest,
As you don't have equity in your property, you won't be able to get a mortgage refinance now though you've a good credit score. If you want to save the property, you can contact your lender and apply for a loan modification. If you have a financial hardship, the lender will accept your request and you'll get an affordable payment plan to pay off the dues.
Thanks
As you don't have equity in your property, you won't be able to get a mortgage refinance now though you've a good credit score. If you want to save the property, you can contact your lender and apply for a loan modification. If you have a financial hardship, the lender will accept your request and you'll get an affordable payment plan to pay off the dues.
Thanks