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re: Dilemma in trying to get rid of PMI while searching for a new home
Posted on 3/20/19 at 11:17 am to way_south
Posted on 3/20/19 at 11:17 am to way_south
I'm pretty sure if his rate is only 3.375 right now, if he refinances then the higher interest rate is going to cost him a little more than the $130/month he'd be saving in PMI. Plus factor in other costs for appraisal, loan origination fees, and title company fees.
1
Posted on 3/20/19 at 12:42 pm to Tiger Prawn
3.375 rate makes no sense in doing a refi right now.
Your FHA PMI which is really labeled MIP is a yearly premium you pay factoring your loan balance and premium rate paid out over 12 months. This means the FHA MIP you are paying is going down slightly each year because your loan balance is going down.
Your FHA PMI which is really labeled MIP is a yearly premium you pay factoring your loan balance and premium rate paid out over 12 months. This means the FHA MIP you are paying is going down slightly each year because your loan balance is going down.
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