 Question about refinance
I bought a townhouse in Orange County, CA approx 2 years ago (1st time owner). I financed using an 80/20 to avoid PMI. I bought at the market peak and since purchasing, have not made much if anything in equity. My mark to refinance is at 5 years when the loan goes from fixed to variable. I'd like to be able to combine the two loans into one because the 20% loan has an interest rate around 8.5%! I'd also like to bring the payment down a bit if possible. Since I do not have 20% in equity that I could put towards the loan, is it possible to refinance into one loan and avoid paying PMI? Will I have to refinance into another 80/20 loan? Any suggestions!......
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