![Should i refinance my mortgage?]() |
Question: Should i refinance my mortgage?
(Posted by: BRIAN on 2009-04-28 22:01:46)
I purchased in 2006 for 74000.00 in Cleveland Ohio, A year later I took out a Equity Loan of 15000.00 to pay for new windows, paint job, and furnace/ air conditioning, energy efficient appliances, and wiring updates. My current rate is 6.5 on a 30 year fixed conventional. I went to my current loan institution recently and was told that the current rate was about 5 percent now, but was told that I could not do a refi with my current backer with was Fannie Mae due to the big mortgage crisis they have gone through. So it would be a total refi and would then get slammed with closing costs. However they told me that I would have to combine the 1st and 2nd mortgage(home equity loan) into one, and that would put me at a greater then 80 % loan to value, which would require me to carry PMI (mortgage insurance). When it was all said and done, i would be saving roughly 30.00 a month on my current bill???? If i didn't have to carry PMI it would be about 100.00 in savings a month? Have things changed again, should i retry this attempt. Should i get an appraisal, cause he told me my home would have to appraise for 103, 000 to not have to carry pmi. I believe my home is worth every ounce of that, but the current market might not! any help would be appreciated. |
