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It gets rid of private mortgage insurance. If your home value has gone up, there’s a chance refinancing your home could get rid of PMI sooner. Dropping PMI lowers your monthly payments.
The Homeowners Protection Act of 1998 requires that lenders remove private mortgage insurance when a borrower reaches a 78 percent loan-to-value (LTV) ratio. For example, if the purchase price of ...
You will have a higher interest rate: If your credit score is not great, or current interest rates are much higher than when you got your mortgage, refinancing will make your loan more costly overall.
Refinance to lower your payment. Recast your mortgage. Eliminate your mortgage insurance. Modify your loan. Lower your taxes. Shop around for a lower homeowners insurance rate. Apply for mortgage ...
The simplest way to avoid PMI is to make a down payment of at least 20% of the purchase price. With home sale prices averaging well over $400,000 nationally, however, this means a down payment of ...
For instance, if your closing costs would be $12,000 and you’d save $260 a month on your payment by refinancing, it would take you 46 months or just over 3.5 years to recoup the cost:
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