I have two mortgages. My first is 30-year with PMI ARM @ 6.375% and balance of $163,024. The second is 25-year conventional home equity loan @ 9.89% and balance is $47,384. According to Zillow.com my house is valued at $83,240. The combined original balance was $219,500. Now it is $210,408.
I want to refinance to lower my interest rate but I need to know how much I would have to pay to do this (rough estimate) as I'm upside down, in addition to the closing costs. I have 780 credit score with no outstanding issues and about $60,000 in savings and annual income of $200,000.
Thank you very much.
