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Should I Refinance - Please Help!
Posted on 3/31/09 at 11:09 am
Posted on 3/31/09 at 11:09 am
Morning All,
I have an FHA 5.5% mortgage, and I'm trying to figure out if I should refinance.
I'm trying to get rid of PMI by going to a traditional mortgage. I'm pretty positive that I can get the house appraised for 20% above the sale value (or is it remaining mortgage?).
FHA mortgage doesn't allow you to eliminate PMI unless you pay off 20% of the principal, and I'm not even close to that.
Any suggestions or whatever are greatly appreciated!
2
Posted on 3/31/09 at 11:11 am to Mandocello
So your house has massively appreciated?
Posted on 3/31/09 at 11:14 am to igoringa
Not "massively" appreciated, but it's had quite a lot of work done to it - inside and out - not to mention a few years passing as well.
Posted on 3/31/09 at 11:18 am to Mandocello
I believe FHA requires MIP to be on for 5 years and then you have to have 78% LTV.....you need to calculate how much closing cost would be as opposed to how many years of paying mip to get to 78%
Posted on 3/31/09 at 11:21 am to West Monroe
Yep, they force you to keep PMI for 5 years minimum, and 20% of the principal must be paid (I checked with mortgage company a few days ago).
Very unlikely that I could get the principal down that low in the next year and a half - it would take much, much longer than that.
Does having outstanding credit scores help with the refinancing rate??
Very unlikely that I could get the principal down that low in the next year and a half - it would take much, much longer than that.
Does having outstanding credit scores help with the refinancing rate??
This post was edited on 3/31/09 at 11:22 am
Posted on 3/31/09 at 11:24 am to Mandocello
How much is the refi going to cost you and how long are you certain you will stay in the house?
This post was edited on 3/31/09 at 11:26 am
Posted on 3/31/09 at 11:29 am to coloradoBengal
Refinance cost would probably be somewhere between $2K-$3K - you're allowed to work that into the new mortgage cost, right?
Not leaving the house anytime soon...
Posted on 3/31/09 at 12:14 pm to Mandocello
I hate to tell you this but your closing costs are going to be NUCH higher that $2,000 - $3,000 .... unless your mortgage is lower than $50,000
You need to look at the attorney costs, filing fees and you will also need to set up your escrow accounts, again.
How much is your MI each month? Multiply that by the number of months it will be before it falls off, that should tell you if it would be worth it.
You need to look at the attorney costs, filing fees and you will also need to set up your escrow accounts, again.
How much is your MI each month? Multiply that by the number of months it will be before it falls off, that should tell you if it would be worth it.
Posted on 3/31/09 at 5:26 pm to HappilyBlended
you have a 5.5% rate. to make it worth your wild you need to go to 4.5% and drop the pmi. take your loan amount and multiply that times 3.5% . thats your average closing cost.
i do this for a living.
i do this for a living.
Posted on 3/31/09 at 9:12 pm to bignate76
quote:I will need your help in the near future.
i do this for a living.
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