Home refi question

[BLACKFINTURKEY]

Is it worth refinancing to try and eliminate PMI? I have conventional 20year note with Fixed interest rate of 2.875 and I am wanting to try and hammer this thing down as fast as possible. My pmi is pretty cheap I’m wondering if there would be any benefits to doing a refi for this loan? Original loan was 185 and I owe 162.

[MLank]

What's the refi rate? For how many years? Any fees? What will be the total refi amount?

What is the pmi? how many years left on the 20 yr note (can be backed into but easier to ask)?

[BrianL]

You may be able to have PMI dropped at 80% LTV. May be better to pay additional on principle to get yourself to the 80% then request it be canceled.

[BLACKFINTURKEY]

What's the refi rate? For how many years? Any fees? What will be the total refi amount?

What is the pmi? how many years left on the 20 yr note (can be backed into but easier to ask)?

Have no idea on rates or anything I’ve never done any refi
, this is our first home. PMI is only like 100$ a month. 19 years left on note.

[BLACKFINTURKEY]

You may be able to have PMI dropped at 80% LTV. May be better to pay additional on principle to get yourself to the 80% then request it be canceled.

Probably a good idea. Saves a lot of headaches. Just exploring options

[ccbrown50]

You should be able to get PMI dropped without refinance. Ask your lender.


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[tfrye]

Give our site sponsor a text/call. Trey Powers with City Bank Mortgage. I have refinanced with Trey twice and so have my dad/brother. Great guy to work with and will explain what is best for your situation.

tpowers@city.bank

(512) 203-5869

[Wits_End]

Loan to appraised value of 80% is key, they will drop when you get there.
You can pay down to meet this value with current appraised value.
You can request and pay for an appraisal from your bank.

You can refinance, but you are not going to improve your rates much, closing cost will hurt some, but in reality what you are getting from this effort in new appraisal.

I'm far from an expert, so there may be other options.

[175gr7.62]

You aren't going to touch an interest rate like you have now plus you have to consider closings costs. You might be better off paying for an appraisal out of pocket. Home values have gone through the roof and you may exceed the 20% equity threshold now based on a current appraisal.

[mooney_ag]

First question on dropping pmi on current mortgage is what type loan do you have?

[mooch]

Loan to appraised value of 80% is key, they will drop when you get there.
You can pay down to meet this value with current appraised value.
You can request and pay for an appraisal from your bank.

You can refinance, but you are not going to improve your rates much, closing cost will hurt some, but in reality what you are getting from this effort in new appraisal.

I'm far from an expert, so there may be other options.

This. Your current 2.875% rate is pretty good. Based on the few numbers you’ve already provided you could probably pay <$10K towards principal to reach your 80% LTV, drop your PMI, and keep your existing interest rate. A new appraisal may also help you out here depending on when you purchased the house.

[Redraider]

My lender did a new appraisal which I paid for that allowed me to drop mine.

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[BLACKFINTURKEY]

First question on dropping pmi on current mortgage is what type loan do you have?

Conventional

[txoutdoorsman24]

You aren't going to touch an interest rate like you have now plus you have to consider closings costs. You might be better off paying for an appraisal out of pocket. Home values have gone through the roof and you may exceed the 20% equity threshold now based on a current appraisal.

Agree with this statement!!! Interest rates are nearly 1.5 times to double your current rate already and are going up more throughout the year.

[Double R 2]

Can't speak for all lenders but many will drop PMI if you get a new appraisal showing the the LTV is less than 80%. This would be the best option if your current lender will do this. Rates have gone up and I don't you can get near that rate if you have to do a refi.
I would call your lender and see what they say.