Mortgage Question Refinance 0% equity, want to get rid of PMI.?


Here are the details. 6.8% 40 year loan First 10 are interest only. 192k balance on a house valued at 192k ( I have PMI. Bank Of America holds my note. I am current on my loan and can afford it. Do NOT have the $$ to pay closing costs.

I want to take advantage of all the stuff happening. I Want to get rid of the PMI, I want to lower the interest rates, and I want to start working on the principal and I want to lower my payments (Of course)

Anyone with a good understanding of the system and new "PLANS" that has any suggestions?

Thanks A TON


I added all the info about my equity becaus eI know the issues of not having it thats wy I was asking about all the new govt. plans

3 Answers

  • 10 years ago
    Best Answer

    Closing costs can often be wrapped into the body of the loan when doing a re-fi. In addition, zillow relies upon the tax record to determine value and where I live they are usually much lower than (marketable) appraised value, such that you could have more equity than you realize. Invest in an appraisal and play the refinancing scenario's with the mortgage broker to get a better rate and different loan program that would eliminate your PMI.

    Source(s): Realtor
  • 10 years ago

    Good day,

    I am Mr Lim Koh, a reputable, legitimate & an accredited money Lender.

    I loan money out to individuals in need of financial assistance.

    Do you have a bad credit or you are in need of money to pay bills?

    I want to use this medium to inform you that i render reliable beneficiary

    assistance as I'll be glad to offer you a loan.

    Services Rendered include:


    Home Improvement

    Inventor Loans

    Auto Loans

    Debt Consolidation

    Line of Credit

    Second Mortgage

    Business Loans

    Personal Loans

    International Loans

    Please write back if interested.

    Note;Even if you have a bad credit we can still give you loan,it will depends on your seriousness towards your loan request.

  • ?
    Lv 7
    10 years ago

    Without bringing cash to the table you will not be able to refinance. You have no equity, no lender will give you more then 80% of the 192k. So PMI will continue

Still have questions? Get your answers by asking now.