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Refi questions
Posted on 4/12/18 at 10:23 am
Posted on 4/12/18 at 10:23 am
I was looking to refi my house in order to get out of PMI. Should I go the lending tree route or stick to a local mortgage company?
2
Posted on 4/12/18 at 10:28 am to martiallaw
We did this last year with Quicken, although we have had our loan with Quicken for a while it was easy, best rate I could find, and documents were handled with a notary at our house.
Posted on 4/12/18 at 10:48 am to martiallaw
Are you in an FHA loan? You probably already know this but if not you don't need necessarily need to refi to get out of PMI.
Posted on 4/12/18 at 12:04 pm to lsu tigerdog
Definitely local... I work for a Title company so we deal with both. Your stuff will be handled much quicker and smoother locally. Most of the local lenders can match or beat anything you are seeing online also. Also, what the online lenders are advertising is not always exactly as it seems.
Posted on 4/12/18 at 1:59 pm to redstickrun
"You probably already know this but if not you don't need necessarily need to refi to get out of PMI."
How else would you get rid of PMI?
How else would you get rid of PMI?
Posted on 4/12/18 at 3:20 pm to AUGDawg
quote:
How else would you get rid of PMI?
In general if you've built up 20 to 25% equity (via payments or by price appreciation) you'd call the lender and ask them to drop it. They'll require you to get an appraisal and then go from there. Every lender is different though so read through what the mortgage allows. No refi should be required.
If its an FHA my understanding is that you can never drop PMI unless you refi.
Posted on 4/12/18 at 9:31 pm to redstickrun
^
That's why I was asking. FHA you're locked in unless you refi
That's why I was asking. FHA you're locked in unless you refi
Posted on 4/13/18 at 7:54 am to redstickrun
quote:
If its an FHA my understanding is that you can never drop PMI unless you refi.
This is correct only if the loan was originated in 2014 or later. If the loan originated before this date, you can get rid of it with 22% equity in the home.
Nevertheless, there are more rules that apply to FHA loans originated after 2014. If you put down 11% or more, then you can get rid of it at after you have 22% equity. If you only put down 3.5%, you're stuck with it. I know most people only put down 3.5% with FHA because if they had more, they would go the conventional route.
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