Anonymous wrote:Bring cash to the table. That's what we did, and we were underwater. You can contact a broker and try to do a refi with more than an 80% loan to value ratio. The one we did was 95% so we had to bring less cash to the table than what would've been required to establish 20% equity. We chose to pay the PMI upfront--it was much cheaper that way. We have excellent credit so we still got a good rate--4.9% last spring.
We've refi'd twice, and each time had to pay down our loan significantly (15k plus each time) to do so because of declining value. Thank goodness we were able to do it. The savings in rate (now 3.99%) was worth it to us.