Refinancing question?

Genevive
I have a piggy back mortgage. 80/15/5. I want to refinance but my house is assessed at $372K and I still owe about $365K (possibly a little less but not much!). It is not an FHA mortgage. Since I do not own 10% of the assessed value of the house is there anyway I can refinance? Do I not qualify for streamline refinancing since it is not FHA? Additional info: I have never been delinquent on a payment. Excellent credit. I live in Mass. Any info would be great.

Jacquetta
You cannot do an FHA streamline because that is only FHA to FHA. Check on the FHA loan limits for your county. They just changed. An appraisal will have to be done. Tax assessment does not mean appraised value.

Lisandra
It depends on what you mean by assessed. Do you mean that the house is assessed at this value for tax purposes? Or have you had a appraisal done which came out to 372k? These are really two different things. A tax assessment is simply a value of the house used for evaluating how much your property tax liability is each year. What you need to be concerned about is the market value - basically, what you can sell the house for. In today's market, I'm going to assume that this is actually less than your current loans. I hope I'm wrong though.