I want to refinance but I have PMI..BOA isnt helping?
I am of course upside down on my house. Somewhere around 125%. I want to refinance but I have PMI. The bank wont touch me. Is there a company that will refinance me? I am on time, never late, great credit etc.
- Anonymous1 decade agoBest Answer
No, you can;t refinance at all, any bank. Any refi is at 80% LTV.
- acermillLv 71 decade ago
No lender is going to refinance an upside down property mortgage, no matter how good is your credit. Your outstanding loan now exceeds the value of the mortgage collateral. Your only chance is with FHA. They are refinancing some upside down properties. Investigate your options with a mortgage broker.
- npkLv 71 decade ago
The PMI has nothing to do with it. You can't refinance if you have no positive equity.