Refinancing Options?

[flygirl22]

We bought our home with an FHA loan in January 2010. So, the new FHA Streamlining refinance with grandfathered PMI does not apply to us . I think if we refinance with an FHA loan now, it will take our PMI from 130 to 390. I think that will likely negate any savings we might see.

We have excellent credit, and our LTV is probably about 95% at this point.

Do we have any other options for refinancing??

[jenjen]

Have you looked into a 5% down conventional? You'll still have PMI but it will be much less than FHA PMI.

[flygirl22]

Jul 9, 2012 16:51:12 GMT -5 jenjen said:

Have you looked into a 5% down conventional? You'll still have PMI but it will be much less than FHA PMI.

I haven't, I wasn't honestly sure if they still had these? So they still exist? Do you think I should look into a mortgage broker, or do most of the major banks have 5% conventional loans?

[jenjen]

Jul 9, 2012 16:59:35 GMT -5 flygirl22 said:

Jul 9, 2012 16:51:12 GMT -5 jenjen said:

Have you looked into a 5% down conventional? You'll still have PMI but it will be much less than FHA PMI.

I haven't, I wasn't honestly sure if they still had these? So they still exist? Do you think I should look into a mortgage broker, or do most of the major banks have 5% conventional loans?

I think most big banks would have them. We did a 5% down conventional with Wells Fargo last year.