http://www.lowpaymentnow.com/when-refinance/
How do I know when it is time to refinance my 2 Mortgages into 1?
I bought my house a year ago, and put 3% down. We took out an 80% first Mortgage and 20% Second Mortgage. Our second mortgage is adjusting and keeps going up every month. I do not want to pay Private Mortgage Insurance, but also do not want to keep seeing my payment go up. How do I find out if I have 20% equity in the house? Should I refinance it?
I am a loan officer and as much as I would like to close a loan, it would not be good for you to do so now.
If you can knuckle under until your home appreciates where you can get an 80% ltv then you will be best served unless you can get solid numbers of a fixed rate that lowers your current payment.
If you would like, I would be happy to work up those numbers, but I do not recommend Refinancing unless you are going to a fixed rate and lowering your monthly payment. That is not likely with the current situation.
You can locate me with my 360 degree account
Smart Homeowners Know When To Refinance with David Bach