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re: UPDATE Contacted today about refinancing my home from my Mortgage Company
Posted on 4/2/15 at 7:35 pm to burgeman
Posted on 4/2/15 at 7:35 pm to burgeman
quote:
Also I am paying pmi right now, $189/month it would drop to $120/month after refinance.
But in the new rules I think you pay pmi for the life of the loan. I bet your pmi falls off after 5 years with your current fha. That's a big deal
2
Posted on 4/2/15 at 8:26 pm to SomethingLikeA
Hammond, la
Posted on 4/2/15 at 8:27 pm to Mr.Perfect
No I bought in 2013 right when they changed it to pmi for the life of the loan
Posted on 4/3/15 at 7:51 am to Mr.Perfect
quote:
But in the new rules I think you pay pmi for the life of the loan.
I never understand why people make a big deal out of this
97% of the borrowing public refis every 5-7yrs. You will never stay in the loan for the life of it
Rates were 3.25% on 30yr yesterday. Drop your rate and pmi. Ride it out for 5yrs then refi out of FHA
Posted on 4/3/15 at 8:19 am to SDVTiger
Are they 3.25% on the FHA streamline? I am getting 3.625% from my mortgage company and 3.825% from GMFS to do streamline FHA 30 year. A standard FHA is lower but I keep my PMI the same. Both are refinancing me at $72k and my total payoff currently is around $69k with escrow stuff included. I would be dropping my PMI from $180 to $120 a month.
Posted on 4/3/15 at 9:42 am to burgeman
3.25 was par and yes on FHA stream
Just take the 3.625 and tell them to cover all your costs
Dont wait to lock cause rates are goibg up next week
Just take the 3.625 and tell them to cover all your costs
Dont wait to lock cause rates are goibg up next week
Posted on 4/3/15 at 10:13 am to SDVTiger
I can't find that low anywhere, Me and the wife both have great credit. Lowest I have got was the 3.625%
Posted on 4/3/15 at 11:56 am to SDVTiger
quote:
97% of the borrowing public
You think it's that High?
Posted on 4/4/15 at 8:38 am to burgeman
Thats cause your not paying for it in a form of origination. You can get that low if you want to pay
Take the 3.625 and enjoy the savings.
Take the 3.625 and enjoy the savings.
Posted on 4/4/15 at 8:38 am to Mr.Perfect
quote:
You think it's that High?
Yes
Posted on 4/4/15 at 10:06 am to SDVTiger
quote:
Yes
I would have never guessed that
Posted on 4/4/15 at 12:09 pm to Mr.Perfect
Thats why the 30yr is the greatest scam by the banks
Posted on 4/4/15 at 1:28 pm to SDVTiger
Well the plan is to pay this thing down, until we can get into a 15yr and drop PMI. Sucks that the houses around mine have been selling like shite lately, but that is the market for now.
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