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Reply to "Can I refinance with less than 20% equity (without coming up with the cash to hit 20% at closing)"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We're refinancing now with 12% equity. We went with a mortgage broker who gave us several options (30 year fixed with PMI, 30 year fixed without PMI, 5 year ARM, 7 year ARM, etc.). We decided to do a 30 year fixed and pay about 1% of the the loan "upfront" to avoid PMI. The total cost for our refi including prepaids is about $8,000. We are rolling it all into our mortgage, but will continue to pay our current amount each month until we've "paid off" the cost of the refi (in less than two years). After that, we'll enjoy the new lower payments. For us, the interest rates are so low that it was worth it to refinance. FYI--we didn't qualify for the government backed refi programs since our loan is not owned by Fannie or Freddie. [/quote] Do you mind sharing the name of the broker you used? The broker I've worked with in the past doesnt seem to have as many options as this. Thanks[/quote] Sure, here is his info. He is in Waldorf, MD. I got his name from a family member who has worked with him. Steve Boyce FitzGerald Financial Group A Division of Monarch Bank 240-320-8036 Office 443-336-5266 Cell SBoyce at MonarchMtg.com [/quote]
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