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alert mods    
rated:
   posted: Nov. 5, 2009 @ 10:04p

I am looking to refinance my mortgage. Appraisal came very low which lower than the comparable sales.
my LTV is now 87% which now forces me to PMI. Piggyback is now history.
Q 1) What options do I have here ?
Q 2) How can I reduce/ my PMI? Any ideas/tricks to get lower rate.

I looked on the genworth, MGIC site and I get a rate lower than my lender quoted and they claim that they don't make any money out of it. They say need coverage of 25% which looks so high when I am only down by 7% ..
However I am not sure of many term on the site. Did anyone try out this..

Message edited by: gigyb on 2009-11-05 22:37:23 CST
   posted: Nov. 5, 2009 @ 10:04p

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alert mods    
rated:
   posted: Nov. 6, 2009 @ 9:41a

does it still worth refinancing? what gain you will get for lower APR compare to the miss on PMI?


alert mods    
rated:
   posted: Nov. 6, 2009 @ 12:44p

Was this an electronic appraisal ? If I remember correctly from last year, my lender (PenFed) obtained an e-appraisal at no cost to me. They gave me an option to pay for a human appraisal if I wanted.


alert mods    
rated:
   posted: Nov. 6, 2009 @ 1:56p

Bring a check for 7% of the appraised value to closing.


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