Any mortgage experts?

[mrsklamc]

Wow. Credit union was definitely the way to go! NO closing costs and free appraisal as long as we don't move in the next two years!!

 

[vicki_c]

Wow. Credit union was definitely the way to go! NO closing costs and free appraisal as long as we don't move in the next two years!!

 

[kathie859]

Private mortgage insurance companies have guidelines (not just the LTV) for PMI eligibility-----things like credit score, debt ratios and property type. I believe what the OP's original lender was saying is that PMI wasn't available.

OP, check and see if your current mortgage is owned by either FreddieMac or FannieMae (it's easy to check their websites) and if it is, you may qualify for refinancing under the Housing and Stability portion of the Economic Recovery Act. It's a great deal for folks who has less equity due to declining market values of properties AND regardless of LTV, if you currently do not have PMI, you don't have to have it on the new loan.

Good luck

 

[asoko]

Definitely check to see if Fannie or Freddie own your current mortgage. Call your current servicer and ask, then request a DU or Fannie Refi Plus or a Freddie Mac Relief. I underwrite for a large bank, these are definitely the way to go when your house has decreased in value. Your loan to value can be as high as 125% on your first mortgage and if you do not have mortgage insurance currently, you will not need it on your new loan.

 

[mrsklamc]

We do currently have pmi but the credit union isn't going to require it. Almost seems to good to be true! Part of it is they manually underwrite and we have excellent credit.

 

[seashoreCM]

Don't refi' for the purpose of adding PMI. Instead let it be and go without.

However do shop around to see if you can get a lower interest rate without paying another round of high closing costs. Then consider refi'ing.

Always get a Good Faith Estimate of closing costs and fees before signing up for the mortgage loan. Similar documents with fancy names like "mortgage workup analysis" are not suitable or sufficient.

 

[mrsklamc]

Who on earth said anything about a refi for the purpose of adding PMI?
And as I said, The refi eliminates PMI and has no fees or closing costs.

 

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[Karlzmom]

Is it possible the condo difference is the number of owner occupieds v. rentals? Or the number of units currently in default? Underwater? I know when we bought our condo years ago those were issue that had to clear for the lender to write the note. Because of the community nature of the property, there may be considerations above and beyond your individual credit worthiness that come into play...with lenders as skittish at they are right now I can picture them wanting information on the development as a whole in attempt to predict the risk of downward property values.