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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Jack Vance, Agent, Jacksonville, FL
Fri Dec 12, 2008
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
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