Asked by David, Chicago, IL • Thu Feb 19, 2009
I am currently at 6.125 on a conventional 30 year fixed. We did lender paid mortgage insurance so we have a straight 95% loan. We closed on our condo in May, 2008 and couldn't get a second to do an 80/15/5. Do I have any opportunities to reduce my rate and ultimately my payment? Could I do an FHA refi loan? If so, what are the additional costs asociated with an FHA loan. We have thought about paying down the loan to 90% LTV, but in this economy it is nice having that cash around in case one of us were to lose our income. Are we stuck with our 6.125% rate (it's not terrible, I just would rather have 5.25 or 5.375)? Obviously this would depend on the place appraising out which I hear is hard these days.
Thanks in advance for any help.
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