I was think about refinancing to a lower rate, but if I refiance my MI is going up to $133 from $57. It would take about 7 years to get my loan under 80%. Should I refinance my loan?
My current monthly pymt is $897 new monthly payment is $779.
Is a 1.625% rate reduction worth it. upfront cost $1620
FHA Streamline
Started by
F N 08 CALI
, Jul 13 2012 01:29 PM
2 replies to this topic
#1
Posted 13 July 2012 - 01:29 PM
#2
Brian B The Loan Professor
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Posted 13 July 2012 - 01:34 PM
That is not a lot of savings - when was your loan done? Are you sure you dont qualify for the lower PMI program?I was think about refinancing to a lower rate, but if I refiance my MI is going up to $133 from $57. It would take about 7 years to get my loan under 80%. Should I refinance my loan?
My current monthly pymt is $897 new monthly payment is $779.
Is a 1.625% rate reduction worth it. upfront cost $1620
If the plan is to stay in the home forever then yes the lower rate onc PMI goes away would be great - if it is a step up house you will be moving out of I probably wouldnt do it unless I could get the PMI at the same rate as you have now.
B
#3
Posted 13 July 2012 - 05:15 PM
That is not a lot of savings - when was your loan done? Are you sure you dont qualify for the lower PMI program?
I was think about refinancing to a lower rate, but if I refiance my MI is going up to $133 from $57. It would take about 7 years to get my loan under 80%. Should I refinance my loan?
My current monthly pymt is $897 new monthly payment is $779.
Is a 1.625% rate reduction worth it. upfront cost $1620
If the plan is to stay in the home forever then yes the lower rate onc PMI goes away would be great - if it is a step up house you will be moving out of I probably wouldnt do it unless I could get the PMI at the same rate as you have now.
B
I closed 08/2010. Is there away that I can keep my current MI rate, I am in California? I called two lenders and both told me that I would pay higher pmi rate if i refinance. I plan on staying in my home for a long time.
Edited by F N 08 CALI, 13 July 2012 - 05:17 PM.
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