I'll take a little of that mortgage advice

quote:

---

owe 230K plus a second mortgage at 30k. House is worth about 270 now.

---

Would the bank let your refi? If so, DO IT!

quote:

---

can I avoid PMI?

---

Yeah by putting 20% down, which in your case would be $37K. Unless your estimate is off. Maybe you'll get a friendly estimate.

I would think you could get a rate around 4.5 or less if you have good credit. That will save a ton of $ every month...

quote:

---

how much of that savings will be offset if I had to get PMI

---

Don't know, but rates are so much lower now I'd strongly consider doing it anyway. Eventually you'll get over 20% equity and you're golden.

What type of loan do you have now, Fannie Mae? LINKIf you could get your 2nd to resubordinate, meaning you do not pay it off, you can do a loan, pay off your first and not have mortgage insurance. If you go with a 15 year you can get 3.5%

novabill,

how much would it cost to do the 15 year refi @ 3.5%?

So if I have a 30-year at 5% right now, and only owe about 150k, is it worth it to look at a 15-year 3.5-3.9% refi?

quote:

---

So if I have a 30-year at 5% right now, and only owe about 150k, is it worth it to look at a 15-year 3.5-3.9% refi?

---

Is worth looking into. Not sure it would be worth it without putting the numbers together. I can send you the same spreadsheet and you can run the numbers yourself.

Also keep in mind that there is lender paid and buyer paid PMI. Look into both if you have to go the PMI route.

Would the recent changes in the Federal refinance program help my situation, or are the changes for FHA originated loans only?

Check the comps on your property, and then look into your 2nd lien-holder (2nd mortgage holder) agreeing to a resburdination agreement.

Resbordination: Asking the guy 2nd in line to stay 2nd in line while you pay the guy 1st in line off and have someone else take his place.

If they're agreeable, it becomes much, much easier, and it makes complete sense to do. You could probably approach the 4's if not lower, and perhaps paying discount you could get underneath the 4% barrier, which would end up saving you a huge sum of money over the life of the loan.