Refinancing Wrap clients

What is everyone's experience in this: Would it be possible to refinance wrap clients who have 6-7% equity in their home esp if the prices of the house they are still a little below what they have bought the house for? I understand there would be LMI involved but is there a valuation to be done or do they take the price of the house on the wrap contract? What is everyone's experience esp with the mildly credit impaired?

Thanks
Vanessa