I want to refinance from a balloon to a 15 year fixed rate mortgage?
I live in Saginaw, Michigan.
The house is supposed to be worth $95k.
I still owe $68k.
I refinanced already twice and didn't have to pay packet PMI because the first mortgage was a VA loan.
Will I have to wage PMI this time, and what lender should I choose?
The balloon mortgage is due in september 2010.
Answers:
You only take-home pay PMI when you are borrowing more than 80% of what you appraisal comes in at. If your house really is worth $95,000, you could borrow up to $76,000 without PMI.
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Why are mortgage loan interest rates highly developed for fixed rate mortgages held for longer period of time?
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The house is supposed to be worth $95k.
I still owe $68k.
I refinanced already twice and didn't have to pay packet PMI because the first mortgage was a VA loan.
Will I have to wage PMI this time, and what lender should I choose?
The balloon mortgage is due in september 2010.
Answers:
You only take-home pay PMI when you are borrowing more than 80% of what you appraisal comes in at. If your house really is worth $95,000, you could borrow up to $76,000 without PMI.
Related Questions:
Why are mortgage loan interest rates highly developed for fixed rate mortgages held for longer period of time?
I am sorry if this sounds like a dumb question, but I don't take in. For example, why are 30 year fixed mortgage rates the highest mortgage rates, vs say a 15, and why are 15...