Zillow Advice: Refinance - Wondering if refinancing is right at this time? WIll I have to pay PMI? http://www.zillow.com/advice-thread/Wondering-if-refinancing-is-right-at-this-time-WIll-I-have-to-pay-PMI/453318/ Zillow Advice | Zillow Real Estate Rates are in the mid 3's ... http://www.zillow.com/advice-thread/Wondering-if-refinancing-is-right-at-this-time-WIll-I-have-to-pay-PMI/453318/ <p>Rates are in the mid 3's right now for a 30 year fixed, so it should be worth it to refinance, since you are at 4.625% right now.<br/><br/>Mortgage insurance will depend on the loan amount vs. the appraised value.&nbsp;&nbsp;&nbsp;If you are over 80%, you will have to pay it.&nbsp;&nbsp; You could either get a 3.5% rate and pay the monthly mi (like you do right now)&nbsp;&nbsp; or&nbsp;&nbsp; go with a rate around 4.0%&nbsp;with lender paid mortgage insurance. (the MI&nbsp;is not included in your monthly payment)<br/><br/>The 2 extra car payments would hurt your chances of qualifying if your debt ratio will be too high (including these new car payments)<br/><br/>&nbsp;<br/><br/></p> Mon, 30 Jul 2012 20:02:00 GMT http://www.zillow.com/advice-thread/Wondering-if-refinancing-is-right-at-this-time-WIll-I-have-to-pay-PMI/453318/ 2012-07-30T20:02:00Z You should really sit down ... http://www.zillow.com/advice-thread/Wondering-if-refinancing-is-right-at-this-time-WIll-I-have-to-pay-PMI/453318/ You should really sit down with a local lender. If you liked the guy/gal who helped you buy the house, call him/her. Let them pull credit, look at your current income and run the numbers. Mon, 30 Jul 2012 19:56:00 GMT http://www.zillow.com/advice-thread/Wondering-if-refinancing-is-right-at-this-time-WIll-I-have-to-pay-PMI/453318/ 2012-07-30T19:56:00Z