Refinancing Questions - Zillow Mortgage Advice

Hi All,

Here is my situation. ?I have recently purchased a new home and will be renting out our current home by January.

My mortgage on my current home (the future rental) is as follows:

1. ?Conventional ARM
2. ?Current rate = 6.25% (as low as it can go)
3. ?Not Fannie or Freddie (checked online)
4. ?Current balance = $180K
5. ?Market Value = $185K - $190K

I would like to refi this loan if at all possible, but most lenders want 20% equity to refinance. ?I've heard, but haven't investigated, that an LPMI loan may work in this case.

Any advice??

Source: http://www.zillow.com/advice-thread/Refinancing-Questions/468480/

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