San Diego Housing Market News and Analysis
Can anyone help me refinance?
User Forum Topic
Submitted by zach347 on July 29, 2012 - 3:49pm
Ok I know refinancing is relatively simple (or should be) and I've done it before; so why am I having such a hard time now?
I purchased my home in DEC 2009 in SW Escondido for 500k and I now owe around 470K. I have an 30 yr fixed FHA mortgage at 4.625 apr (plus PMI).
I would like to get into a better interest rate but the problem is- even if I did refi at a lower interest rate- that the FHA has raised the PMI rate from .05 to 1.2 so even if I save a little money on interest I give it right back in the form of PMI (and sacrafice a little bit of mortgage interest deduction).
Dont get me wrong 4.625 aint so bad; However, if I do appraise at 570K I can refi at lower rate, ditch the PMI and save about 500$ a month. I dont qualify for HARP because of my date of purchase.
Do any of you loan professionals have any suggestions? Also, Im eligible for a VA loan and have a credit score of 780 but every time I talk to a lender about going the VA route there seems to be about 30000K worth of fees. I just dont understand.
Thanks in advance for any and all advice..
~Financial Market Commentary~
*Investment advisory services and securities offered through Girard Securities, Inc., member SIPC/FINRA.
~Active forum topics~
~SD Home Price Snapshot~