Posted on: 16th Sep, 2009 03:45 pm
I have a conventional w/PMI ARM interest-only loan. I've owned the property for 2 years and I'm locked into 7% for the first 10 years. My mortgage was for $180,000 (appraised at $195,000 when purchased) but because of the market in Florida I don't think the appraisal will even reach $180,000. I know I need to move to a 30-year fixed loan while the rates are still low. Is this an option for me? I am desperate for some advice...
Thanks,
Don't Know What to Do
Thanks,
Don't Know What to Do
if your current loan is with fannie mae, then you could qualify for the du refi plus program where you can refinance up to 125% of your home value. since your current loan has pmi, then your new loan would as well.
there is a lookup took here on the fannie site to see if they recognize your property. http://loanlookup.fanniemae.com/loanlookup/
there is a lookup took here on the fannie site to see if they recognize your property. http://loanlookup.fanniemae.com/loanlookup/