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re: Is it worth accelerating mortgage payment to avoid PMI?
Posted on 1/27/16 at 1:34 pm to rpg37
Posted on 1/27/16 at 1:34 pm to rpg37
quote:
directly tied into what the interest rate of the loan is?
Yes. I don't know what kind of interest rate I would be able to get on a 2nd loan. I'm trying to wrap my head around it all but my thought process is that if the 2nd loan interest payments per month are less than my current PMI ($87/month) then I come out ahead? Am I oversimplifying things or is this correct?
ETA: I suppose I should consider that PMI is tax deductible as well...
I am also pretty ignorant to how other types of loans work, as I've never had one other than my mortgage. Would payments on a 2nd loan for, say $16,000 over 5 years, be heavily interest at first and more principal later? Or would each month payment be the same principal and interest?
This post was edited on 1/27/16 at 1:51 pm
1
Posted on 1/27/16 at 10:03 pm to PhiTiger1764
How much do you currently owe and what is your appraised value(to your knowledge?)
I would call your servicer first and ask them if you are eligible for PMI removal via a new appraisal or if a heloc would disqualify you.
There's the chance you could do the HELOC and they do a title update and see another lien on the property. They may not remove it in that case.
I would call your servicer first and ask them if you are eligible for PMI removal via a new appraisal or if a heloc would disqualify you.
There's the chance you could do the HELOC and they do a title update and see another lien on the property. They may not remove it in that case.
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