Financing in Jacksonville>Question Details

Cecelia Harr…, Home Buyer in 31410

Will need to refi condo in Jax Beach, FL w/in 2.5 years. What to do and when?

Asked by Cecelia Harris, 31410 Fri Dec 12, 2008

I bought property in fall, 2004 with 5% down, though Wells Fargo. I had 7 year ARM, so I have a few years left before I HAVE to refinance. As I recall, I can refi through Wells w/o closing costs if I have 20% more equity. Whether through Wells or not, what is equity based on now? 20% of what condo sold for or 20% of current appraisal? I live in Savannah and rent it out to a friend, no late payments, good (@730) credit., no credit card debt that isn't paid in full each month. The condo was originally purchased for weekends (when I lived closer) and with an eye to retiring there. Now it's with an eye to retiring there. I'm thinking depending on how much I have to put down to get above 20% in equity will be worth it just on getting rid of the PMI, and lowering my overall payments, which I could either sock away or continue to pay to reduce the balance. Thanks for your help/suggestions!

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Cecelia, the equity is based on current value and since you purchased in 2004 you probably purchased at the high end of the market. If you e..mail me the address I will return a market comparison to give you an idea as to where you are currently in terms of pricing. I would also suggest getting back in touch with Wells Fargo before making a decision to refi elsewhere. Good Luck! Jack Vance
0 votes Thank Flag Link Fri Dec 12, 2008
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