15yr Refinance option

**manatbay** · 12-08-2010, 09:37 PM

My family bought our house 3 1/2 years ago for $179,900 @ a rate of 6.375 (fixed) for a 30 yr term. Present day we owe 170,000 on the house, but hope to get out of it in 3-4 years. With that said we currently estimate ~106% LTV (6% under water).. The question is regarding a 15yr fixed ARP refinance option;

Is the an option for 15yr that doesn't force PMI?
If so, what is the maximum loan/value ration we can have to get that loan?
In your professional opinion, is this worth refinancing?

Thanks in advance for any input,

**Chrisopher Moltisanti** · 12-09-2010, 02:57 AM

If the new loan isn't FHA backed, then probably no on the PMI.

Refinancing is all about how long the homeowner is planning on staying.

Talk to a banker. Just call them up. A large bank, not a rinky-dink servicer.

**agentsranking** · 12-14-2010, 01:19 PM

None of the information you'll get on this thread regarding mortgage info is going to be accurate for your unique situation including the property, your credit, employment and property. Call at least two banks and two mortgage brokers to get rate quotes and information. Shopping around for a home mortgage can save you a huge amount of money so be sure to do your homework.