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I'll take a little of that mortgage advice
Posted on 8/4/11 at 7:24 pm
Posted on 8/4/11 at 7:24 pm
Currently have a 30 yr. fixed at 6.25% originated in Dec. 2007. Purchase price of 308k, now owe 230K plus a second mortgage at 30k. House is worth about 270 now. That is pretty accurate since I used to do appraisals, and I check the MLS from time to time. Question is can I avoid PMI? Would it make financial sense?
No car notes or other payments.
No car notes or other payments.
Posted on 8/4/11 at 7:27 pm to mikie421
quote:
owe 230K plus a second mortgage at 30k. House is worth about 270 now.
Would the bank let your refi? If so, DO IT!
quote:
can I avoid PMI?
Yeah by putting 20% down, which in your case would be $37K. Unless your estimate is off. Maybe you'll get a friendly estimate.
Posted on 8/4/11 at 7:32 pm to mikie421
to piggyback on mikie's question-
If you put enough down so the loan value is less than 80%(no PMI) and then the value of your house drops to the point that you are nearly underwater, do you have to start paying PMI?
If you put enough down so the loan value is less than 80%(no PMI) and then the value of your house drops to the point that you are nearly underwater, do you have to start paying PMI?
Posted on 8/4/11 at 7:49 pm to mikie421
I would think you could get a rate around 4.5 or less if you have good credit. That will save a ton of $ every month...
Posted on 8/4/11 at 7:56 pm to wickowick
It would, but how much of that savings will be offset if I had to get PMI. How much is PMI?
Posted on 8/4/11 at 8:20 pm to mikie421
quote:
how much of that savings will be offset if I had to get PMI
Don't know, but rates are so much lower now I'd strongly consider doing it anyway. Eventually you'll get over 20% equity and you're golden.
Posted on 8/4/11 at 8:43 pm to mikie421
quote:
How much is PMI?
Probably about $150 for your size loan.
Posted on 8/4/11 at 10:19 pm to novabill
quote:
If you could get your 2nd to resubordinate
That's a huge if...HUGE...
Posted on 8/5/11 at 7:17 am to novabill
novabill,
how much would it cost to do the 15 year refi @ 3.5%?
how much would it cost to do the 15 year refi @ 3.5%?
Posted on 8/5/11 at 9:51 am to shawnld
So if I have a 30-year at 5% right now, and only owe about 150k, is it worth it to look at a 15-year 3.5-3.9% refi?
Posted on 8/5/11 at 5:11 pm to shawnld
just locked one in today. the discount to get that rate was .625%.
I ran a spread sheet for him and he is saving almost 200k in interest payments by converting to a 15 year. If you like, I could send you a copy of the spreadsheet and you could fill in the blanks.
I ran a spread sheet for him and he is saving almost 200k in interest payments by converting to a 15 year. If you like, I could send you a copy of the spreadsheet and you could fill in the blanks.
Posted on 8/5/11 at 5:13 pm to Rev1897
quote:
So if I have a 30-year at 5% right now, and only owe about 150k, is it worth it to look at a 15-year 3.5-3.9% refi?
Is worth looking into. Not sure it would be worth it without putting the numbers together. I can send you the same spreadsheet and you can run the numbers yourself.
Posted on 8/5/11 at 6:03 pm to novabill
Nova, please email it to me
Thanks
Thanks
This post was edited on 8/6/11 at 2:54 pm
Posted on 8/6/11 at 9:44 am to mikie421
Also keep in mind that there is lender paid and buyer paid PMI. Look into both if you have to go the PMI route.
Posted on 8/6/11 at 10:18 am to novabill
I'd love to see that spreadsheet. Can you e-mail it to sls(at)bhbmlaw(dot)com
Posted on 10/25/11 at 11:57 am to Rev1897
Would the recent changes in the Federal refinance program help my situation, or are the changes for FHA originated loans only?
Posted on 10/25/11 at 12:29 pm to mikie421
Here is a link to see if Fannie or Freddie own your loan.
Loan Look Up
One thing you need to take into account is if the refi will be recourse or non recourse. Check your state rules.
Loan Look Up
One thing you need to take into account is if the refi will be recourse or non recourse. Check your state rules.
Posted on 10/25/11 at 12:40 pm to Blakely Bimbo
Check the comps on your property, and then look into your 2nd lien-holder (2nd mortgage holder) agreeing to a resburdination agreement.
Resbordination: Asking the guy 2nd in line to stay 2nd in line while you pay the guy 1st in line off and have someone else take his place.
If they're agreeable, it becomes much, much easier, and it makes complete sense to do. You could probably approach the 4's if not lower, and perhaps paying discount you could get underneath the 4% barrier, which would end up saving you a huge sum of money over the life of the loan.
Resbordination: Asking the guy 2nd in line to stay 2nd in line while you pay the guy 1st in line off and have someone else take his place.
If they're agreeable, it becomes much, much easier, and it makes complete sense to do. You could probably approach the 4's if not lower, and perhaps paying discount you could get underneath the 4% barrier, which would end up saving you a huge sum of money over the life of the loan.
Posted on 10/25/11 at 12:43 pm to GFunk
My loan is not FHA, and Louisiana is a recourse state. I am not in danger of foreclosing.
This post was edited on 10/25/11 at 12:51 pm
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