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re: UPDATE Contacted today about refinancing my home from my Mortgage Company
Posted on 3/30/15 at 12:38 am to Blakely Bimbo
Posted on 3/30/15 at 12:38 am to Blakely Bimbo
I wouldn't look into refinancing to FHA from FHA. You should ask him what he offers for a 95% LTV conventional. If your house appraises for $181,000 then you can get into that. Your PMI can drop down to .52 (FHA is .85)depending on credit score. You will also pay a another 1.75% MIP that is rolled into your loan. Your interest rate will be 3.875/4%, however your APR will be lower. FHA MI is for the life of loan, while conventional PMI may only be in place a few more years and you can request it be removed
1
Posted on 4/2/15 at 5:01 pm to SomethingLikeA
Damn house appraised for less than what it appraised for 2 years ago. So now we don't have enough equity in it to do 15 year, may end up with 30 yr at 3.875%, would drop our payments down to $1161. Kinda disappointing what our house is worth less because of non-renovated houses selling in the neighborhood.
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