If you’ve been procrastinating mortgage refinancing because your LTV is greater than 80%, you might be surprised by the options available to you. It is possible to qualify for mortgage refinancing without equity, even underwater; however, You may need to qualify through the FHA or under HARP. Here’ s an article on HSH.com with tips for homeowners with little or no equity wishing to take advantage of today’s low refinance mortgage rates from the best mortgage lenders like Amerisave:
The short answer is “yes,” you can get a loan in excess of 80 percent loan to value (LTV) in a refinance transaction.
Remember no matter what your LTV the fees you pay for mortgage refinancing including the loan origination fee will make or break the deal you’re getting. Paying lender junk fees, discount points, and mortgage insurance make it more difficult, even impossible to recoup your out-of-pocket expenses. If you can’t break even on your closing costs you’re losing money no matter how the mortgage rate.
You can learn more about refinancing your home with the lowest possible refinance rates without paying unnecessary lender fees or points by checking out my free Underground Mortgage Videos.