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Answers (6)
- Gary Kinberg, "Gary Kinberg"
- Contributions:229
Current rates are a bit high and no mi means more can go to principal. Keep your loan as is and pay extra to principal recuction. If you go FHA refinace, you would need a 5 year ARM to break even on your payment at 4.75% once the FHA insurances are added on to your loan excluding your closing costs and excrows!
- Clay Branch, "Georgia Loans"
- Contributions:7809
Your balance and estimated value would be higher than 90% and if you didnt bring the interest on your payoff, closing costs, and funds for a new escrow acct for a refinance, then your ltv would be more like 93%. The rate you have now with no MI is equal to a rate of 4.95% with MI.
- Clay Branch, "Georgia Loans"
- Contributions:7809
That information doesn't really help. A lender will need to know what type of loan you have, if this is a portfolio loan then you should just keep what you have. If it is a fannie or freddie loan, then you can refi without MI being added but the rate will probably only be 3/4 point lower at best so it may take up to 7 years to recover your closing costs. That is based on where rates are right now.
- dapperdad
- Contributions:3
no morgage is held by soverign bank, home val.= 255K
mort. bal.= 230K , no PMI.
mort. bal.= 230K , no PMI.
- Clay Branch, "Georgia Loans"
- Contributions:7809
Is this a fannie or freddie loan? If so, did you get the loan with no MI when the LTV was 80% or below?
need to re-fi mortgage held by soverign bank, I'm @ 90% with 5.9 w/ no PMI.
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