Looking into the feasibility of refinancing my 30 year FHA loan

we are 5 year in, and the mortgage has the 22% requirement before PMI can be eliminated ($206/mo)

purchased for $244,600, with 3.5% down

currently houses are going for 105-115 sq ft on my street, which puts my house At 273,000 on the lower end. ($105/sq is what my neighbor is closing on today, but he took a cash sale option to close in 2 weeks as he was transferring out of state and wanted a quick turn around)

Looking to cut PMI out and shorten loan term

What is my best option at a cheap refi from 30 year to 20 year (credit 800+) looking for least fees/best rate option. should i go locally or should i try online options. what has been the best option hear of late

EDIT: loan payoff is $214k and some change, so need apprasial of $267,500 to clear PMI requirement

This post was edited on 6/16/17 at 2:15 pm

3 ...

Report Post

Posted by hawkeye007

Member since Feb 2010

5853 posts

Posted on 6/16/17 at 3:35 pm to tigeraddict

you should be able to get a rate around 3.875% on the 30yr fixed right now. The 20yr is slightly lower but not much.

0 ...

Report Post

Posted by Sacrifice_blunts

Member since Jun 2013

298 posts

Posted on 6/16/17 at 4:51 pm to tigeraddict

If you're going to do it, do it soon. Rates aren't getting any lower. The difference in rate doesn't vary much between a 20, 25, 30. 15yr is where there is a noticeable difference. Which is anywhere from .5-1% difference. People get so caught up on the intrest rate that they miss all the fees they charge. You might get a low rate but they charge you out the arse in origination fees, underwriting, processing, etc.. A mortgage broker can shop and find the best deal to fit your credit and loan amount.

0 ...

Report Post

Posted by tankyank13