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re: Dilemma in trying to get rid of PMI while searching for a new home
Posted on 3/20/19 at 10:19 am to tiger10lsu
Posted on 3/20/19 at 10:19 am to tiger10lsu
If you are only staying 2 years I understand why you wouldn't refi, but over 4 years you'd save vs the increase in rate. I hate PMI and think it's a racket and I would really run all my numbers and see if it's worth your while. 2-4 years can easily turn into 4-6 years if something happens and your situation changes.
1
Posted on 3/20/19 at 11:17 am to way_south
I'm pretty sure if his rate is only 3.375 right now, if he refinances then the higher interest rate is going to cost him a little more than the $130/month he'd be saving in PMI. Plus factor in other costs for appraisal, loan origination fees, and title company fees.
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