Hi Guest,
You can refinance the first of your 80/20 mortgage. If you pay the required down payment, you will be able to avoid the PMI.
Thanks
You can refinance the first of your 80/20 mortgage. If you pay the required down payment, you will be able to avoid the PMI.
Thanks
a balance of $247,500 would normally require pmi to refinance because that is over 80% of the present value of $285,000.
if the present first mortgage is owned by fannie mae or freddie mac, it may be possible to refinance without pmi because a special refinance program exists for such a circumstance. it is a requirement that the second mortgage holder agree to subordinate and there is no requirement that they do so.
if the first and second mortgages are owned by the same lender, you stand a better chance.
first step is to call the customer service number of your existing mortgage and ask if the mortgage is owned by fannie mae and freddie mac.
if the present first mortgage is owned by fannie mae or freddie mac, it may be possible to refinance without pmi because a special refinance program exists for such a circumstance. it is a requirement that the second mortgage holder agree to subordinate and there is no requirement that they do so.
if the first and second mortgages are owned by the same lender, you stand a better chance.
first step is to call the customer service number of your existing mortgage and ask if the mortgage is owned by fannie mae and freddie mac.
please confirm wheather both loans are from same lender.....