Home refi question

[PoppinPiggies]

tagged

[PEC]

Also your bank does not always automatically drop you at 80%. They don’t have to drop you till 78% unless you request. So you need to know what the numbers are.

[BLACKFINTURKEY]

An appraisal for your loan has no bearing on the county appraisal district that determines your taxable value. They’re very likely to hit you this year because of all the housing cost increases anyway.

As far as your insurance, you should be insuring your home for the correct replacement costs associated for the current environment. My broker and I have decided to increase coverages each of the last two years due to housing values increasing as well as the cost of labor and materials. The last thing you want is to find yourself underinsured experiencing a total loss event with 19 years left on your note. Find a good insurance broker and have these discussions annually at renewal time.


Sent from my iPhone using Tapatalk

Thanks that’s good info!

[BLACKFINTURKEY]

I think if you can prove you have 20% equity you can have it cancelled. With today’s market it may be worth checking into.

As of now the county has land and house valued at just over 190k I guess I’ll call the lender and work on getting an appraisal done! Thanks.

My goal is to try and save a few bucks per month on PMI and apply it towards the principal along with additional funds to try and pay down as soon as possible. I want to get real aggressive by the end of this year in hopes to pay it off In 10 years.

[captainsling]

As of now the county has land and house valued at just over 190k I guess I’ll call the lender and work on getting an appraisal done! Thanks.

My goal is to try and save a few bucks per month on PMI and apply it towards the principal along with additional funds to try and pay down as soon as possible. I want to get real aggressive by the end of this year in hopes to pay it off In 10 years.

Yeah but you need to prove market value, not appraisal value. Usually there is a difference. Especially if you are homesteaded.

[MLank]

Ok gottcha. So you loan amount was not $185k. But $169k. Sounds like home price was $185k.

So you paid down roughly $7-9k, which still seems like alot in a year

It makes no sense to refi at alot higher rate just to save $100 a month. You will lose money

Pay more per month towards principle. Then once hits 20% equity PMI will drop

I’m a man of few principles, but I must encourage you to start using the word: principal.

[BLACKFINTURKEY]

I’m a man of few principles, but I must encourage you to start using the word: principal.

Lol thanks I’m multi tasking or as I say half arsing 2 things at once


Sent from my iPhone using Tapatalk

[MLank]

Lol thanks I’m multi tasking or as I say half arsing 2 things at once


Sent from my iPhone using Tapatalk

Don’t think you ever mis-used the words.

[bbqfan5909]

But was that worth it for the increased tax rate?

My lender did a new appraisal which I paid for that allowed me to drop mine.

Sent from my SM-G781U using Tapatalk

[RWB]

But was that worth it for the increased tax rate?

An independent appraisal is not given to the county tax appraiser. The county has its own appraisers and does its own appraisals. Will have no impact on taxes

[Throwin Darts]

No it would not be worth a refi. Your rate would increase significantly and you’d incur closing costs and it would more than offset any savings you’d have from dropping PMI.

Ask the lender for a new appraisal to see if you are now below 80%. The appraisal will have no effect on your assessed value by the county in regards to property taxes. If the appraisal doesn’t work out now, make extra payments to principal and get the LTV where it needs to be.

And lastly, don’t listen to any loan advice from anyone who doesn’t know the difference between principal and principle.

[SaintBlaise]

Give our site sponsor a text/call. Trey Powers with City Bank Mortgage. I have refinanced with Trey twice and so have my dad/brother. Great guy to work with and will explain what is best for your situation.

tpowers@city.bank

(512) 203-5869

Yes, call Trey. I spoke with him Monday, he is a knowledge base here. If you refi you may be over 5%. Maybe a HELOC at 4.25% to offload the PMI. You gotta nurse that 2.8% to the end of term.