I'dlvoe the opportunity to quote you a rate and review your options with you.
Feel free to contact me at 866-936-5363 ext 278 or via email at firstname.lastname@example.org
Based on your numbers, yes, provided you qualify, you can refinance your current loan from a 30 year to a 15 year fixed rate and get rid of your monthly mortgage insurance.
We also have a loan program where there is no monthly mortgage insurance, even if you have less than 20% equity in your property. Please feel free to contact me directly if you have any further questions, I'd be glad to help.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline refinance loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, VA Refinance loans (NO appraisal required on IRRRL loans), USDA loans, Jumbo loans, Conventional loans, plus, we allow Escrow Hold-Backs!
Contact me if you would life her contact info.
Ryan Buckley RealtorÂ®
Turning your Dream into an Address
Coldwell Banker Residential Brokerage
You do not give a loan amount, nor do you tell us if your stated payment includes taxes, homeowners insurance or the PMI payment, so hard to give you exact numbers.
Changing your mortgage loan to a 15-year from a 30-year will lower your PMI by about 10 basis points (for instance, if annual rate is .53 now, would go down to about .41). Not enough to justify refinancing by itself.
Home values have risen considerably in Phoenix over the past year, so, as Larry indicates, if your loan amount is now less than 80% of your home's value, it should be possible to get rid of the mortgage insurance. However, one of the great fallacies still out there is a homeowner can get rid of mortgage insurance just because the value of their home has gone up.
The Homeowners Protection Act of 1998 (what a horribly misleading name) mandates that any loan taken out after July 29, 1999 (virtually every home loan out there) can get the mortgage insurance cancelled when the ORIGINAL VALUE loan-to-value drops below 78%. So, unless you have paid your loan down to 78% of the $175,000 purchase price, the only way to get rid of the mortgage insurance is to refinance.
I hope that helps. It is a complicated area of home financing. Please contact me should you need further assistance.
Bill Parker, Loan Officer
AZ Lic# 09011570
CPA--Licensed, no longer practicing
GenCor Mortgage Inc.
15730 N. 83rd Way, Suite 103
Scottsdale, AZ 85260
(O) 480-525-8496, EXT 743; (M) 602-565-3646; (F) 480-436-5226
MISSION STATEMENT: To create an unbelievably enjoyable experience for my clients, while guiding them through the most important financial transactions of their personal lives. My clients know me as their Mortgage Lender for Life. I truly appreciate your referrals.
If you think it's expensive to hire a professional to do the job, wait until you hire an amateur.
Red Adair, Oil well firefighter
What is your current Loan Balance? We need to get your Loan to Value to 80% to remove the MI.
It is always a great idea to shorten your loan term if your goal is to pay down principle quicker than a 30 or a 20 - you will pay much less interest.
Not certain if another refi makes a lot of sense you'd have to run the numbers as there are expenses involved. A quick look indcates that currently 15 year fixed rate refi's are right around 3% and you could always simply start adding $500 or whatever you're comfortable with in additional principal when you make a payment which would have the same effect.