To Refinance or Not to Refinance?

[MrCredit]

I need some advice about if and when I should refinance, and if I can?

I have a 646 median FICO. I currently have a 30 yr fixed rate mortgage at 6.75% with PMI of $60.99 a month. LTV is 92%. House will appraise for about 181,000 owe about 155,000. Original loan was for $157600. Loan is about 17 months old, at time of loan home appraised for $166000.

Would it be worth refinancing the FHA route? I have a 3 year discharged chapter 7 and a 1 year dismissed chapter 13. Thank you. 

[Anonymous]

Give your current lender a call and just inquire as to whether you would be eligible to refinance or not, in your situation. It doesn't cost anything but some time to make some calls. I'm thinking if it was me, I'd want to put some more time in between me and those BKs before trying this, though. I'm not sure you would do better than the rate you have right now. At least not enough better to justify the closing costs.

[Anonymous]

Go to bankrate.com and use their mortgage refi calculator to do the math.