refinancing question - loss of equity?

We put 20% down, but we have lost about 50K since then. When you refinance with less than 20% equity - do you have to pay PMI?

Re: refinancing question - loss of equity?

Most likely yes if you are using a different bank. Maybe if you are using the same bank.

Re: refinancing question - loss of equity?

we refied our old house before we moved and had to put down a bit of $ to avoid paying PMI. It sucked! But we'd rather put down the sum vs higher payments with pmi.

Re: refinancing question - loss of equity?

We closed on our refi last month - we had put down more than 20%, paid off more than $30K but since our house was appraised at over $100K less than we paid we were financing more than 80% of the current value.

We did have to pay PMI, but it is only about $70 a month, and will only last for 2 years if we don't pay any extra pricipal.

Re: refinancing question - loss of equity?

we refinanced in the summer of 2009 to a 15yr mortgage. Our house appraised $30K less than what we paid, but we still had >20% in equity from paying down our mortgage in the 5 years prior. Look at your current loan amount vs. the current market value.