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Refinance to eliminate pmi?
Posted by lsuCJ5 on 1/10/13 at 1:30 pm00
I currently have a 4.25% 30 year fixed mortgage. I owe about 89 % on the loan right now. Is there any suggestions and or options that I could do to refinance right now and be able to get rid of PMI? I currently think I am paying $145 a month just for the PMI.
re: Refinance to eliminate pmi?Posted by Tenforty1728 on 1/10/13 at 1:42 pm to Bacchus
Paying off mortgages early is always a contested topic on this board. I would suggest paying additional principal each month until you reach 20% equity if that's possible. You would avoid the refinancing costs. If you include PMI payments as interest and figure the interest rate you're borrowing at, paying this off early can save around 7%. That's a pretty solid return for your money.
re: Refinance to eliminate pmi?Posted by lsuCJ5 on 1/10/13 at 2:33 pm to Tenforty1728
I do pay what i can extra per month, but i would still wish i could make this pmi go away.
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re: Refinance to eliminate pmi?Posted by foshizzle on 1/10/13 at 10:45 pm to Tenforty1728
quote:
Paying off mortgages early is always a contested topic on this board.
If all else is equal, paying off early given today's rates is not a good idea b/c the ROI is so low.
But this could be different b/c not all else is equal. Run the numbers in a spreadsheet and see.
Ask your lender about prepaying PMI. I'm not sure of all the details, but it saved us a ton of money by bringing a little extra to closing. I think we paid $1000 up front to save paying $100/month for 2-3 yrs. I don't have the exact numbers but it was somewhere in that ballpark.
re: Refinance to eliminate pmi?Posted by AbsolutTiger on 1/12/13 at 11:37 pm to lsuCJ5
PMI blows.
I know that's not helpful, just needed to say it.
I know that's not helpful, just needed to say it.
re: Refinance to eliminate pmi?Posted by tirebiter on 1/14/13 at 5:57 pm to AbsolutTiger
From a tax payer's perspective I say it doesn't blow. If people don't want to pay PMI then they should save up enough money to give lenders a reasonable margin of safety in the event of housing declines, ie 20% DP, on any given house. shite, you're already getting subsidized cut-rate mortgages. Compare 7% rates to 3.5% on a $300k house. Compare that to 9%-12% back in the late 70's early 80's. Current mortgages are a great deal, PMI or not.
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