Refinance or home equity?

I would need more info to properly advise you, but based on the info you did provide, you would be at 85% Loan to value if you just did a refinance and didn't take any cash out.. For most cash out refi's and lenders who allow 2nd mortgages or Home Equity line's of credit (HELOC) they go as high as 80% loan to value, but your already at 85%, and would require higher credit scores to qualify.. so I'm not sure there is any thing you can do right now, but again, more info would be needed.. your best bet is to contact a local mortgage broker and let him look at your complete scenario.. this way he will have all the info necessary to advise you properly.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com