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

Hi.

Here are the details. 6.8% 40 year loan First 10 are interest only. 192k balance on a house valued at 192k (zillow.com) 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

Update:

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

Relevance
  • 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

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  • ?
    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

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