Small local lenders more willing to refinance?
I have been looking into refinancing my current personal residence that I have at a 5.25% fixed rate without much luck.
I have been told that the FHA lending requirements have increased their premiums for mortgage insurance by nearly 100% which is negating any savings from getting a lower rate.
Will smaller local lenders waive mortage insurance premiums without 20% equity? If I have done substantial renovations to the home would a new appraisal be worth getting to support the 20% equity? Will lenders waive closing costs/mortgage origination fees?
