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re: PMI
Posted on 2/27/15 at 11:40 am to seawolf06
Posted on 2/27/15 at 11:40 am to seawolf06
It's just lender paid PMI. The missing piece of information is that the 4.5% rate is above market rates. I'm not sure about the refinance market, but that is nearly 1% over new mortgage rates.
I did the LPMI route and locked in 3.875% with 5% down (no monthly PMI) FWIW. It would have been 3.625% otherwise.
I did the LPMI route and locked in 3.875% with 5% down (no monthly PMI) FWIW. It would have been 3.625% otherwise.
This post was edited on 2/27/15 at 11:42 am
1
Posted on 2/27/15 at 1:32 pm to TigerDeBaiter
Ok, so what it sounds like what I am missing is that I was screwed over on my initial loan paying PMI AND the 4.75% APR.
I plan on staying in this house for 30 years, but we all know that plans change and that rarely happens. It is large enough that we won't have to upgrade if/when we start a family, though.
I think I'll stick with the higher APR, at least until I have enough equity to refinance at a lower rate without PMI. As it stands, we only have about 11% equity in the house as of the appraisal last year. This refi will require a new appraisal, but that is also reimbursed.
The company is local to Raleigh, so I don't know if they'll be able to help anyone in LA - Miller Lending.
I plan on staying in this house for 30 years, but we all know that plans change and that rarely happens. It is large enough that we won't have to upgrade if/when we start a family, though.
I think I'll stick with the higher APR, at least until I have enough equity to refinance at a lower rate without PMI. As it stands, we only have about 11% equity in the house as of the appraisal last year. This refi will require a new appraisal, but that is also reimbursed.
The company is local to Raleigh, so I don't know if they'll be able to help anyone in LA - Miller Lending.
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