Question by Susan: When will I be able to qualify for a lower interest rate on my mortgage that has Private Mortgage Insurance?
I heard there may be some relief for us millions of americans that do not qualify for the quick no fee no cost refinance to lower our interest rate because we have private mortgage insurance. I am trying to keep my home but I owe way more on it than what it is currently worth. President Obama was talking about a program for us, where is it? How soon if at all will it be available to us? When will we know if it is available to us?
Answer by Mary
As a banker, yes, you can.
Add your own answer in the comments!
Your PMI ceases when you have 20% equity in your home. Don’t wait for a miracle, pay more toward principle each month
I remember hearing that there was something in place for those that needed to re-finance up to 125% of their home value
No investor will touch this (so banks could not sell these)
This is going to be another government “bail -out” “hand out
Expect to see war against this if it comes to surface again