New High LTV Refinance Mortgage Option

November 3rd, 2010 by admin

There is a new high loan to value (LTV) refinance mortgage loan option on the market that can help many homeowners to refinance into the current low refinance rates.  Normally, once a refinancing loan scenario exceeds an 80 percent LTV, private mortgage insurance, or PMI, will be added to the monthly home loan payment.  With this new program, if qualified, as long as the borrower does not currently have PMI, their new mortgage will not have PMI, even if the LTV for the new home loan reaches up to 105 percent.  This is a great opportunity for many to cash in with a refinance mortgage with today’s low interest rates.  Low property values do not have to impede a successful savings opportunity with this option.

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