About to Refinance My Mortgage

[beenz]

Refinanced lowering rate by 1.5%. Saving $300+ per month. At the end of year, we pay that $3600 towards the principle.

exactly. chess, not checkers.

 

[Skooby]

PMI is such a waste of money. cuz ur basically paying the bank's insurance premium on a insurance for them if u default. u gotta get to the magical 20% equity level in your house so you can get the PMI tossed in the

Not a home owner but apparently there's no way to avoid the PMI from what I've learned. Even if there was a no PMI loan they'll catch you somewhere else.

I live in a very high cost of living area (DC area), and 20% down it would be close to or over a hundred grand if you want a decent home or townhome.

 

[beenz]

Not a home owner but apparently there's no way to avoid the PMI from what I've learned. Even if there was a no PMI loan they'll catch you somewhere else.

I live in a very high cost of living area (DC area), and 20% down it would be close to or over a hundred grand if you want a decent home or townhome.

no, there's a way around it. PMI is a bullshyt fee they tack on if u don't put down at least 20% when u buy the crib.

also, if u have PMI, and u hit the 20% equity threshold, u can contact the bank and tell them to take it off. that's what I did when I hit 20%. cuz otherwise, if u don't say anything, they'll keep charging u that fee.

 

[Throwbacksample]

no, there's a way around it. PMI is a bullshyt fee they tack on if u don't put down at least 20% when u buy the crib.

also, if u have PMI, and u hit the 20% equity threshold, u can contact the bank and tell them to take it off. that's what I did when I hit 20%. cuz otherwise, if u don't say anything, they'll keep charging u that fee.

Right..im in mortgage, if your Loan to value is less than 80%, theres no PMI

 

[Formerly known as...]

I'm surprised so many people don't know this? It's common sense to re-mortgage for a new deal at the end of your current. Always keep an eye on interest rates and do what's best for you.

 

[Marezzy]

I know I know

 

[King_Sage]

Just imagine somebody could be paying 5 - 10% in a few years ona 30 year


Take advantage brehs this a once in a lifetime event

 

[Sad Bunny]

Not a home owner but apparently there's no way to avoid the PMI from what I've learned. Even if there was a no PMI loan they'll catch you somewhere else.

I live in a very high cost of living area (DC area), and 20% down it would be close to or over a hundred grand if you want a decent home or townhome.

You can prepay the PMI. I did that and my rate is below 3%.
Feels great

 

[Pseudonym]

Wasn't there a recent thread about you being homeless? Or am I buggin?

you buggin. I’ve worked at homeless shelters before so maybe that’s it?

 

[MidniteJay]

you buggin. I’ve worked at homeless shelters before so maybe that’s it?

My bad I got you confused with @sanityovar8ted

 

[Mr swag]

I feel like this is one of the resources that only white people know about and that black ppl underutilize. This wasn’t even on my radar until another brotha insisted I look into it



I’m about to save hella money a month

You didn’t know

 

[1thouwow]

You didn’t know

I ain’t see you make any financial threads

 

[DrDoom]

did it after 10 yrs of living in my house. got 15k cashout and 5 yrs cut off my mortgage. Rate dropped to 2.99 from 4.50%

 

[LeVraiPapi]

On a 30-year , it would be 3.125% down from 4.45%. Based on what Pennie Mac is saying


Any thoughts brehs ?

 

[Throwbacksample]

On a 30-year , it would be 3.125% down from 4.45%. Based on what Pennie Mac is saying


Any thoughts brehs ?

Hell yeah .youd save so much just off interest alone