Home refi and ditching PMI

[black2002ls]

This. He will answer your questions with facts.

SVT Lurch will certainly be able to answer your refi questions, and is a pretty sexy dude.. You might want to give your mortgage company a call too, to see what options you may have with them.

He is great, we went through him when we bought the house, and he will have my business as long as he is in the industry!

As mentioned, you will have to refinance on a new conventional loan to get rid of PMI, as FHA requires it through the whole term of the mortgage. Being that this is all brand-new paperwork, there will be a cost associated with it, either up front, or baked into your rate. No cost refi would be better called hidden cost refi, nothing's free in the real estate game.

This is pretty much what I figured, our current rate is 4.125% and our PMI accounts for $100 of our payment each month

[SVT Lurch]

Have a realtor friend do a market analysis on your home first. That will get you your best assessment of value without having to spend any cash.

The only way you're getting out of FHA PMI is a refi to a conventional loan. Now you have to compare your rate to today's rates along with the cost involved to refinance. Your magic number is 80% LTV because you are refinancing.

Always solid advice from Adam.

As mentioned, you will have to refinance on a new conventional loan to get rid of PMI, as FHA requires it through the whole term of the mortgage. Being that this is all brand-new paperwork, there will be a cost associated with it, either up front, or baked into your rate. No cost refi would be better called hidden cost refi, nothing's free in the real estate game.

This is true too. You can roll it back into the loan for no out of pocket - just depends on the value.

SVT Lurch

This. He will answer your questions with facts.

SVT Lurch will certainly be able to answer your refi questions, and is a pretty sexy dude.. You might want to give your mortgage company a call too, to see what options you may have with them.

He is great, we went through him when we bought the house, and he will have my business as long as he is in the industry!

This is pretty much what I figured, our current rate is 4.125% and our PMI accounts for $100 of our payment each month

Thanks guys, I appreciate the kind words! Chili isn't too bad himself, for a ginger...

Russell, I emailed you on your specific scenario.

[juiceweezl]

SVT Lurch knows his stuff but post #2 gave the answer. Just saying...

[black2002ls]

anyone here have access to MLS to see what a property sold for?

[32vfromhell]

anyone here have access to MLS to see what a property sold for?

Use Zillow. It ties to MLS and will tell you property history.

[black2002ls]

Use Zillow. It ties to MLS and will tell you property history.

No sale price was indicated. All it gives is the zillow estimate of what the prooerty is worth. Which is definitely not tied to the sale price. It has my home estimated at $122k and we purchased for $92k just about 2 years ago.

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[David]

You can always get on your county's CAD site, sometimes those will list what properties sold for. If they don't, you can take the info and look for the deeds/liens online from the County Clerks office. Sometimes those will state the sale price along with monies owed.

[black2002ls]

You can always get on your county's CAD site, sometimes those will list what properties sold for. If they don't, you can take the info and look for the deeds/liens online from the County Clerks office. Sometimes those will state the sale price along with monies owed.

CAD was my second stop, our county doesn't. I am going to reach out to our realtor today.

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[black2002ls]

Well, our realtor is working up a market analysis for me. She feels confident that it will show the value we need. Fingers crossed

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[crapstang]

I'm in the process of doing this as well with a conventional loan.
Unfortunately, my lender will only allow their own appraiser to do the job (expensive too...)

[Big A]

I'm in the process of doing this as well with a conventional loan.
Unfortunately, my lender will only allow their own appraiser to do the job (expensive too...)

That would seem to me a conflict of interest, and less than legal.

[AdamLX]

That would seem to me a conflict of interest, and less than legal.

The lender must order the appraisal, they do not pick who actually does it (regulated 3rd party).