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How to Refi with a low LTV?

Posted on: 10th Jul, 2010 11:33 am
credit rating 790's.....home value $390-400 (hopefully).....1st mortgage is $389.....current 30 year fixed is 6.375%......would like to refinance to a 15 year...we always pay extra on our loan. any ideas on how we can do that and not pay pmi too?
Step #1 is to find out if your property is owned by Fannie Mae Or Freddie Mac. If so, you may be able to refinance to 105% of the value. In some limited cases, you may be eligible up to 125%. I would post a link but it's not allowed, so just Google "fannie mae loan lookup" and "freddie mac loan lookup" it should come up #1 on the list. Step #2, would be to contact a mortgage broker in your state that can place your loan with the appropriate lender to get this done for you.
Posted on: 10th Jul, 2010 12:06 pm
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