avenali312
Autocross Champion
- Location
- Mableton, GA
- Car(s)
- 2015 GTI
SUPA DED
Since theres nothing to talk about...
Thinking about refinancing my mortgage to get rid of the PMI. I put down 3.5% on 123k when I first bought my house (FHA loan). Had a realtor come and do a value assessment of the house and she thought it was worth ~150k due to improvements i've made. With the equity bump, I think i can refinance with "20%" down and lower my payment by ~200/mo by ditching the PMI. I realize i'd have to get more info from the lender and get an actual appraisal. Good idea, bad idea, anyone have experience with something similar?
It's mortgage insurance for those who are a risk, or in Eric's case, just a new home buyer at the time with not much credit?
Hard To Cancel – As mentioned above, usually when a homeowner's equity tops 20%, he or she no longer has to pay PMI. However, eliminating the monthly burden isn't as easy as just not sending in the payment. Many lenders require the homeowner to draft a letter requesting that the PMI be canceled, as well as receive a formal appraisal of the home prior to its cancelation. All in all, this could take several months depending upon the lender.
It's mortgage insurance for those who are a risk, or in Eric's case, just a new home buyer at the time with not much credit?
No Matthew. Typically under 20% down requires PMI.
#mattfactsdenied
Fuck lol. Well in all fairness, I got stupid lucky with my first time buying deal. No PMI or MIP and I didn't put 20% down. I walked out without paying for the closing too.
Good information Benny.
I hate you.
Edit: Also fuck you and give me back my Sweet Baby Rays.