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re: Getting Rid of PMI on FHA Loan

Posted on 1/14/19 at 1:53 pm to
Posted by tiger10lsu
New Orleans
Member since Oct 2010
223 posts
Posted on 1/14/19 at 1:53 pm to
Damn. I guess I will have to wait for the rate to get closer to mine and make the jump. I can't stand throwing that $140 per month away.
Posted by MrJimBeam
Member since Apr 2009
12372 posts
Posted on 1/14/19 at 1:55 pm to
quote:

I can't stand throwing that $140 per month away.


Yikes, yeah that's a lot. I'd certainly do some math if you are throwing away damn near 1700 dollars a year towards it...
Posted by Hussss
Living the Dream
Member since Oct 2016
6744 posts
Posted on 1/14/19 at 1:56 pm to
Better pray for several more rounds of QE since China and Russia are no longer buying our Treasury bonds. Your only hope for a conventional to get down close to that rate.
Posted by Tigeralltheway
Member since Jan 2014
2575 posts
Posted on 1/14/19 at 9:39 pm to
Im in the same boat. I got a 3.75% which i won’t get now.
Posted by hawkeye007
Member since Feb 2010
5892 posts
Posted on 1/15/19 at 3:49 pm to
your rate really isn't what you think it is. When you add back the PMI you are paying a higher rate then what's on paper. when you reach the 20% equity point you need to refinance. Right now rates are in the 4.625% range . They will not be back to the 4% range without a massive recession in the country so don't wait around thinking that will happen. Also if you reach yr 10 in any loan you need to refinance to a 10 or 15yr term. A 30yr mortgage is front end loaded with interest so you are paying a small amount of your payment towards principal anyway.
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