Reply to Anyone refinance recently with an 80/10/10?

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[quote=Anonymous][quote=Anonymous]Is it possible to go from a fixed 30 year loan to an 80/10 loan?  It sounds to me like people who are refinancing into 80/10s already have 80/10s?  We would really like to get rid of our PMI and get a lower rate and think that the 80/10 would be the best option, if we can find someone who will do it.[/quote]

Yeah that would be a lot harder.  The only thing I would recommend is to see about doing a rate and term refi and depending on your final LTV buying the PMI off upfront either with cash or pay for it with a slightly higher rate.  The lower the LTV, higher credit score, the cheaper it is (an LTV of 85 and Fico of 740 will be less than half the cost of 95% LTV with 680 Fico).   You really have to put all the options to see if it's worth it and also determine how long it would take for you to break even with paying for the MI upfront...for example, if it were to cost you $5000 to pay the MI upfront but you'd be saving the $500 monthly Mi payment, you'd break even after month 10 and so on.  A good loan officer will be able to give you all the options.  Sadly, there are many that don't even know this yet alone know you can buy MI upfront.  So look around for a seasoned loan officer.  Good luck![/quote]

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