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re: UPDATE Contacted today about refinancing my home from my Mortgage Company
Posted on 4/2/15 at 7:35 pm to burgeman
Posted on 4/2/15 at 7:35 pm to burgeman
quote:
Also I am paying pmi right now, $189/month it would drop to $120/month after refinance.
But in the new rules I think you pay pmi for the life of the loan. I bet your pmi falls off after 5 years with your current fha. That's a big deal
2
Posted on 4/2/15 at 8:27 pm to Mr.Perfect
No I bought in 2013 right when they changed it to pmi for the life of the loan
Posted on 4/3/15 at 7:51 am to Mr.Perfect
quote:
But in the new rules I think you pay pmi for the life of the loan.
I never understand why people make a big deal out of this
97% of the borrowing public refis every 5-7yrs. You will never stay in the loan for the life of it
Rates were 3.25% on 30yr yesterday. Drop your rate and pmi. Ride it out for 5yrs then refi out of FHA
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