Probably, but I refied two years ago at 5%. CU says 4% for a 30 year. Dunno if that's really worth the hassle considering my mortgage is well under $200k (we bought our house when the neighborhood was "emerging". Handyman special! Just bring a machete to run off the crackheads!)With rates this low taking a 30 year and investing the difference in the payments would yield much higher net worth/wealth.
I mentioned on the previous page my CU said 5%. YMMV obviously.What's the least amount that you need to put down on a new home these days? I'm renting out my old house and am currently renting where I live now. I'd love to buy a home here but I don't have 20 percent to put down.
What's the least amount that you need to put down on a new home these days? I'm renting out my old house and am currently renting where I live now. I'd love to buy a home here but I don't have 20 percent to put down.
I bought my house 7 years ago, and the choices at the time were an ARM at 4.5 or a fixed at 6.5, based on all the information the ARM was the better choice - and I clearly made the right decision, in those 7 years, it went up once to 5.5 percent and has gone down every year since.
It can only go up 1 pt a year and only 2 pts in 5 years. Even if I kept this house for 10 more years the highest rate it would be at is 5.5.
I took the advice of many people and there is clearly tons of bad information out there on ARM's, my ARM was the right choice for me and I can say that for sure.
http://www.bankrate.com/
Looking at maybe refinancing to a 15 or 20 year mortgage myself.
Edit - 30 year no points/fees are 4.125%
What is the difference (if any) between a convention mortgage and FHA mortgage? Which one is better for a person like me with 20% down (so no PMI) and good credit score with good paying stable job?
417k in almost all areas.
From my research in buying a home soon I believe your best route would be to go Conventional with 20% down as that will remove the PMI from your loan. Now I have not taken into account what tax breaks you'd get with PMI as it is deductible, so this may not be 100% the case.
On the surface it would seem like if you have 20% to put down go Conventional all the way.
If you do less than 20% down, can you remove PMI at a later time without refinancing entirely?
What is the difference (if any) between a convention mortgage and FHA mortgage? Which one is better for a person like me with 20% down (so no PMI) and good credit score with good paying stable job?
417k in almost all areas.
If you do less than 20% down, can you remove PMI at a later time without refinancing entirely?
Sure if you pay 78% of your loan to debt ratio off, then PMI will vanish! Or if you make renovations (structural renovations if i recall correctly). And you get your home re-appraised and they deemed the house remodel = higher in equity then the amount you financed for.
I heard of people making payments on time for 2 years and then getting PMI removed. Not sure if they hit 20% equity in that period. But it sounds like you can get PMI removed.
Sure if you pay 78% of your loan to debt ratio off, then PMI will vanish! Or if you make renovations (structural renovations if i recall correctly). And you get your home re-appraised and they deemed the house remodel = higher in equity then the amount you financed for.
Ok, nice - I wasn't sure if you'd have to refinance entirely or if they could drop it once you passed the 20% mark. I could save and put 20% down, but I'm a little concerned about interest rates going back up and the real estate market recovering. Then again, that might take a while anyway (looking in the Phoenix area).
Ok, nice - I wasn't sure if you'd have to refinance entirely or if they could drop it once you passed the 20% mark. I could save and put 20% down, but I'm a little concerned about interest rates going back up and the real estate market recovering. Then again, that might take a while anyway (looking in the Phoenix area).