Well I talked to our credit union loan officer on Friday afternoon.  She said they (the credit union) are not writing many loans for more than 90% LTV.  In addition, she stated that since we bought our house only two years ago, it would most likely appraise for ~$20K less than we paid for it.  Therefore, she advised against making an application.

She stated that since we have a relatively good interest rate (5.8%), we should just keep doing what we’re doing, which is paying a little extra to the mortgage each month.  I was a little disappointed because I would have loved to lower our interest rate.  However, we’re still on track to meet our goal of having the mortgage paid off much sooner than the term of the loan.  So we’ll stay the course for now and re-evaluate our loan again in the future.
photo credit: honorfoto