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tigeraddict
USA Fan
Baton Rouge
Member since Mar 2007
6014 posts

Refi Options
Looking into the feasibility of refinancing my 30 year FHA loan

we are 5 year in, and the mortgage has the 22% requirement before PMI can be eliminated ($206/mo)

purchased for $244,600, with 3.5% down

currently houses are going for 105-115 sq ft on my street, which puts my house At 273,000 on the lower end. ($105/sq is what my neighbor is closing on today, but he took a cash sale option to close in 2 weeks as he was transferring out of state and wanted a quick turn around)

Looking to cut PMI out and shorten loan term

What is my best option at a cheap refi from 30 year to 20 year (credit 800+) looking for least fees/best rate option. should i go locally or should i try online options. what has been the best option hear of late

EDIT: loan payoff is $214k and some change, so need apprasial of $267,500 to clear PMI requirement
This post was edited on 6/16 at 2:15 pm


hawkeye007
LSU Fan
Member since Feb 2010
2928 posts

re: Refi Options
you should be able to get a rate around 3.875% on the 30yr fixed right now. The 20yr is slightly lower but not much.


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Sacrifice_blunts
LSU Fan
Member since Jun 2013
221 posts

re: Refi Options
If you're going to do it, do it soon. Rates aren't getting any lower. The difference in rate doesn't vary much between a 20, 25, 30. 15yr is where there is a noticeable difference. Which is anywhere from .5-1% difference. People get so caught up on the intrest rate that they miss all the fees they charge. You might get a low rate but they charge you out the arse in origination fees, underwriting, processing, etc.. A mortgage broker can shop and find the best deal to fit your credit and loan amount.


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tankyank13
Florida State Fan
NOLA
Member since Nov 2012
4500 posts

re: Refi Options
LINK

Just used these guys. Extremely helpful and easy. No origination fee which is rare.


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