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Answers (1)
- Evan LeFloch, "Evan LeFloch"
- Contributions:196
1. it may if you plan on keeping the condo for at least 3-5 years
2. yes, rates are higher for condo loans that exceed 75% LTV by .75 to the fees, not the rate.
3. underwriting, appaisal, title, etc. pretty much the same as when you bought the home but home except you'll get a reissue rate on the title insurance. Since you can only refinance with your lender (PMI loans cannot be refinanced with other lenders under the HARP program) the fees probably won't be negotiable.
4. the PMI payment would remain the same, and the lender has to get the PMI company to agree to let you refinance. Depending on the company (AIG is pretty accomidating considering the bailout money) they may or may not allow you to refi. Your lender can help with this.
2. yes, rates are higher for condo loans that exceed 75% LTV by .75 to the fees, not the rate.
3. underwriting, appaisal, title, etc. pretty much the same as when you bought the home but home except you'll get a reissue rate on the title insurance. Since you can only refinance with your lender (PMI loans cannot be refinanced with other lenders under the HARP program) the fees probably won't be negotiable.
4. the PMI payment would remain the same, and the lender has to get the PMI company to agree to let you refinance. Depending on the company (AIG is pretty accomidating considering the bailout money) they may or may not allow you to refi. Your lender can help with this.
HARP and PMI
My questions are:
1. Does it make sense tro refinance?
2. Is the rate for condominiums higher than singlefamily dwellings?
3. What are the typical fees that accompany refinancing and are they negotiable?
4. Will PMI be reduced to reflect lower home value?
Thank you
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