Search found 7 matches

by insahmniak
Thu Jun 18, 2020 9:14 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9321
Views: 652611

Re: Refinance Mega Thread

Better beat them with a 2.5% with no points, no fees and $1600 in credits. Toss in the $2500 from Amex and that sounded pretty good! So I locked on Monday night, the lowest day for a 15y. Loan Depot came back and asked to compete, but I told him about the Amex deal and he made a legit effort to mat...
by insahmniak
Wed Jun 17, 2020 10:51 am
Forum: Personal Finance (Not Investing)
Topic: Insurance rates increasing
Replies: 13
Views: 1094

Re: Insurance rates increasing

Our homeowners premium with Amica just went up $600, nearly 50%.
We have all policies bundled with them. Am mostly a lurker on this forum but had to chime in. Am here looking for advice.
by insahmniak
Wed Aug 19, 2015 10:47 pm
Forum: Personal Finance (Not Investing)
Topic: Refi to drop mortgage insurance?
Replies: 12
Views: 1573

Re: Refi to drop mortgage insurance?

Thanks to everyone for all the figures and corrections and advice. And special thanks for the encouragement to seek a shorter term. I did a quick Zillow mortgage search and found there are definitely good enough rates and closing terms to make it worthwhile in the long run.
by insahmniak
Tue Aug 18, 2015 9:56 pm
Forum: Personal Finance (Not Investing)
Topic: Refi to drop mortgage insurance?
Replies: 12
Views: 1573

Re: Refi to drop mortgage insurance?

Here are my current calculations. In case you see any glaring mistakes/oversights please let me know. $221,500 at 3.25 for remaining 27yrs = $333000 adding remaining MI cost: $230/mo * 12 mos/yr * 7.5 yrs = $20700 Total remaining loan payment total: $353700 Refi calculations, rolling in closing cost...
by insahmniak
Tue Aug 18, 2015 9:38 pm
Forum: Personal Finance (Not Investing)
Topic: Refi to drop mortgage insurance?
Replies: 12
Views: 1573

Re: Refi to drop mortgage insurance?

If your home value goes up more than expected then you might not even need to wait seven years to get rid of the PMI. That's false. It is standard practice (that pretty much all banks follow) that states that PMI cannot be removed due to the home value increasing (which would technically change the...
by insahmniak
Tue Aug 18, 2015 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: Refi to drop mortgage insurance?
Replies: 12
Views: 1573

Re: Refi to drop mortgage insurance?

What was the original purchase price of the home? Your interest rate may be 3.25%, but your APR is considerably higher. MI is just another finance charge. Have you considered dropping down to a 20 Year loan? If you can find a broker who brokers through US Bank, you can get somewhere between 3.5% to...
by insahmniak
Mon Aug 17, 2015 9:30 pm
Forum: Personal Finance (Not Investing)
Topic: Refi to drop mortgage insurance?
Replies: 12
Views: 1573

Refi to drop mortgage insurance?

Long-time lurker, first-time poster. Be gentle please. Current mortgage: 3 years into 30yr FHA 3.25% Principle: $221500 P&I $1024 Mortgage insurance: $229 Taxes/Homeowner's Ins: $195 Final mortgage payment: 9/1/2042 This particular FHA is old enough that the MI on it is scheduled to drop off at ...