Upside Down Mortgage

Mortgage Help In Michigan

Question: I want to refinance from a balloon to a 15 year fixed rate mortgage?

I live in Saginaw, Michigan.
The house is supposed to be worth $95k.
I still owe $68k.
I refinanced already twice and didn't have to pay PMI because the first mortgage was a VA loan.
Will I have to pay PMI this time, and what lender should I choose?
The balloon mortgage is due in september 2010.

Answer: You only pay PMI when you are borrowing more than 80% of what you appraisal comes in at. If your house really is worth $95,000, you could borrow up to $76,000 without PMI.

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