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

Question

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 1

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.