| Author | Message | ||
Maverick Legend Username: Maverick Post Number: 72635 Registered: 01-2008 Posted From: 165.225.0.207 Rating: N/A |
pedda taggadu and u dont have to lock in money in ur house..taking money out of house is difficult in usa There's a cacophony in the truth, A melody in lies and it accompanies one on every journey, From the lows to the highs | ||
Rebel Hero Username: Rebel Post Number: 17038 Registered: 02-2008 Posted From: 173.25.231.8 Rating: N/A |
idi inka darunam..edo dabulleka pmi ante oka rakam..undi kooda pmi enduku ade 120k kadithe ur mortgage payment will decrease..aa extra money tho every month invest cheyyi as last month proved stock market isn't all rosy..and gamble in it with paying pmi is .... | ||
Maverick Legend Username: Maverick Post Number: 72634 Registered: 01-2008 Posted From: 107.77.85.83 Rating: N/A |
Not always. Say you need 120k for down and u do only 60k, pay mpi. Rest 60k invest in market..ur returns will offset annual pmi and u will.have more profit. Ofcoursrnit depends on ur credit and how much u r paying for pmi. My case I pay 120 pmi,annual is less than 1500...and u don't have to be a stock wizard to make at least 1500 in this market with 60k invested. U can make a lot more with a fraction of that say 10k.. There's a cacophony in the truth, A melody in lies and it accompanies one on every journey, From the lows to the highs | ||
Biggboss Side Hero Username: Biggboss Post Number: 8223 Registered: 08-2017 Posted From: 209.119.30.138 Rating: N/A |
Do you mind sharing the rate? I am in the process of refinancing and I got 3.75% 30 Year Fixed on Jumbo loan meedhi conforming loan or jumbo? | ||
Rebel Hero Username: Rebel Post Number: 17034 Registered: 02-2008 Posted From: 173.25.231.8 Rating: N/A |
its in ur hands..20% down cheste nobody can make u do it | ||
Savyasachi Side Hero Username: Savyasachi Post Number: 2806 Registered: 12-2013 Posted From: 71.203.102.171 Rating: N/A |
no body would willingly take PMI. banks will make you do it so that their arses are covered in case you default on the loan and the house is under water. | ||
Rebel Hero Username: Rebel Post Number: 17028 Registered: 02-2008 Posted From: 173.25.231.8 Rating: N/A |
why did u take pmi ? its waste of money | ||
Maverick Legend Username: Maverick Post Number: 72632 Registered: 01-2008 Posted From: 165.225.0.207 Rating: N/A |
get a new apprisal and try ur luck There's a cacophony in the truth, A melody in lies and it accompanies one on every journey, From the lows to the highs | ||
Savyasachi Side Hero Username: Savyasachi Post Number: 2803 Registered: 12-2013 Posted From: 71.203.102.171 Rating: N/A |
if you refi, your rate will most likely go up if you got the lone in the last 3 years. best thing to do is to request for re assessment, and depending on the lender, they will either get it done for you or they will have a list of approved vendors and you should get it from them . in both the scenarios you have to pay for it. but the first step would be to ask them remove the PMI and they will tell you the next steps. in either scenario, do NOT go ahead and get the reassessment done before the lender ask you to do it. because they will not accept it and pisal brokka. | ||
Starc Side Hero Username: Starc Post Number: 8240 Registered: 03-2015 Posted From: 170.63.120.78 Rating: N/A |
If the loan to value is less than 80 %, they would take it off. You need to constantly request it. If your lender is not supportive, you should just refinance. But refinance would cost you anywhere around 1 to 2 %. Not worth it. Try to stick to the current one and keep on trying. sometimes, get your house evaluated by an authorized agent and submit the evaluation. Banks will accept it. | ||
Njzero Junior Artist Username: Njzero Post Number: 60 Registered: 09-2016 Posted From: 174.203.13.196 Rating: N/A |
Thank you everyone. Refi will readjust my interest rate correct? I got a very good int rate originally and don't wanna lose it. And coming to assessment, does it get assessed by the lender or do we need to get our own assessment done? | ||
Savyasachi Side Hero Username: Savyasachi Post Number: 2802 Registered: 12-2013 Posted From: 71.203.102.171 Rating: N/A |
all the below answers are partly true , but here is the answer that covers all scenarios 1) is your loan FHA or Conventional . if FHA -> Refinance it and your LTV should be below 80. which means you should have atleast 20% equity in the house. 2) if conventional a) Refinance it and your LTV should be below 80. which means you should have atleast 20% equity in the house. b) if your LTV falls below 78 (based on your purchase and loan amount), your lender will automatically remove it. c) you can request it be removed as soon as your ltv falls below 80(based on your purchase price and loan amount) *most lenders will give you an amortization spread sheet which will show you the balance on the loan and the above two milestones (it will usually be 10 years before you get to scenarios b or c). d) if you think your house value is appreciated enough that your LTV falls below 80,and you dont want to refinance you should call the lender and submit a request. and they will have the house appraised just like the appraisal they do when you buy the house, they will charge you some where between 200-500 depending on the lender and your location and if the valuation is right , they will remove it. | ||
Onlytruth Legend Username: Onlytruth Post Number: 206924 Registered: 01-2007 Posted From: 45.29.50.49 Rating: N/A |
You need to go for home value reAssessment ( by banker provided vendor ) , pay 200$-$450 based in bank as re assessment fee and then if new value vs loan ratio is 75% under they will remove pmi | ||
Andhrawala Legend Username: Andhrawala Post Number: 74766 Registered: 03-2008 Posted From: 152.51.56.1 Rating: N/A |
if the loan to value ratio falls below 75% automatically PMI goes away or else pay some additional money to reach that ratio No Signature | ||
Dma Megastar Username: Dma Post Number: 22148 Registered: 11-2009 Posted From: 70.176.174.40 Rating: N/A |
if ur home appreciated, refinance. or pay it down. no easy way Jai Andhra!! Jai Jai Andhra!!! | ||
Njzero Junior Artist Username: Njzero Post Number: 58 Registered: 09-2016 Posted From: 174.225.141.30 Rating: N/A |
Process telsa evarkaina? if so please post |