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yes, You can refinance and it is in your best interest also. Just keep in mind all the terms and conditions clear.
If your original loan was delivered to Fannie or Freddie prior to 6/1/2009, you should be eligible for HARP, which takes PMI out of the equation whether you have 20% equity or not……if after 6/1/2009, you do have the concern of the home’s current value as determined by an independent appraiser retained by the lender you choose. If you did not still have 20% equity, you would have to add PMI, virtually negating any incentive to do the refi, or bring cash to closing to get your equity to 20%. For your loan size, it’s very possible to structure the loan with either all or virtually all closing costs paid by the lender. Please note that costs vary by state. In addition, choosing lender paid costs boosts your rate slightly, but I find the majority of my clients prefer to minimize costs when possible.
I asked the question “Is it in our best interest to refinance at the new lower rates after 2 years on present mortgage at 5% 30yr fixed.” I received the response – **about 5 hours ago Scott Friedman said:
yes. Depending on the loan amount, appriased value, your credit and income, you may be able to lower your rate without paying any points or fees. Just be certain you don’t have a prepayment penalty. It almost always makes sense to lower your rate when you can do so without paying any points or fees.**
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