Could this finally be a turn around for this fan base? Props to you guys who were there, loud, in your seat at the start of the game, and also in your seat in the monsoon. I think the nastiness of this defense is pumping up our fanbase. The players asked for the noise and you delivered. Thank you. Cool story brah I know but I think this was important for our team today.
Anyone in the business that could answer a couple of my questions about whether I should refi or not?
I have a modest little townhome that me and wife want to stay in, since it's below our means and we have no reason to upgrade just yet.
I'm looking into refi and I'm not sure it's worth it and I don't think the company(s) would tell us.
Right now I owe 113.5k on a 124.5k loan at 6.5% interest. I also pay about $72 in pmi a month, and also taxes. I've paid about 90 months out of a 360 month (30 year) fixed mortgage. So about 7.5 years.
Company I'm working with (quicken loans) is offering me a 4.99% interest rate on a new 30-year refi. They want to send an appraiser out and the guy is hoping it'll be worth at least 118k since he's putting in for a 115k loan, and if it's not I'll just have to bring the difference to the table.
The only thing is my monthly PMI is going to DOUBLE from 72 to like 140 so my monthly payment will really drop only about 90 bucks. Honestly the monthly isn't a huge worry for me, it's the long term, and I'm not sure this is worth it because of the PMI increase and the fact I'm already 7.5 years in? I know at 80% left on the loan you can get the mortgage company to drop PMI but I'm not sure I'd get to it quicker with the refi. I'd probably still pay what I'm paying currently, which would be $100 to principal more than required (under new loan). Quicken will cover all the fees, and I have to put $500 good faith down (for appraisal and other things).
Any ideas would be helpful, I've checked out calculators but I'm not sure I trust I'm using it correctly or looking at it right.