Refinancing
July 22nd 2010 14:40
So we bought our first house about two years ago. We put about 10% down and put the rest on a 20 year mortgage. Our interest rate is 6.375%.
So I am trying to figure out what to do. Rates in the US have dropped to an all time low. I can currently refinance for 3.875% for 15 years.
The only problem is that we are only down to about 84% of our loan to value ratio. This means that we would have to pay PMI (private mortgage insurance) for two years. It would be about $50 a month. We would also have to pay about $2,000 in closing costs.
What should I do? Anyone want to give me several thousand dollars? Or several people give me a few hundred dollars?
I guess we will see what I decide to do.
So I am trying to figure out what to do. Rates in the US have dropped to an all time low. I can currently refinance for 3.875% for 15 years.
The only problem is that we are only down to about 84% of our loan to value ratio. This means that we would have to pay PMI (private mortgage insurance) for two years. It would be about $50 a month. We would also have to pay about $2,000 in closing costs.
What should I do? Anyone want to give me several thousand dollars? Or several people give me a few hundred dollars?
I guess we will see what I decide to do.
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