It's about 20% of our income in a higher COL area. We have a 15 year mortgage at 2.625% and don't pay extra. When I looked at the amortization schedule and added extra principal to it, we would have to put like $1000 a month extra for it make a difference. The majority of our payment goes towards principal.
We are in Boulder county. It's crazy how much things have changed here in the last fifteen years!We live in the Denver area which has a higher COL. Our mortgage is 35% of income.
Did you guys look into refinancing to get rid of the PMI? Our PMI was $300 until last year when we were able to refi and get rid of it. The housing market here in Denver has increased so much that all that built in equity really helped there.
I had read that you could get it removed merely by having some appraise your house again and prove that you own over 20% equity in the house. The mortgage company is not required to remove PMI at that time, but most do. Is that an option?Tell me about it We have about 40% equity in our home but it's never made sense to refinance because our interest rate is SO low (3.25).
PMI is not required once you have 20% equity, drop it.Tell me about it We have about 40% equity in our home but it's never made sense to refinance because our interest rate is SO low (3.25).
I had read that you could get it removed merely by having some appraise your house again and prove that you own over 20% equity in the house. The mortgage company is not required to remove PMI at that time, but most do. Is that an option?
PMI is not required once you have 20% equity, drop it.
Rules changed a few years ago. It’s something like 22% AND two years of payments.I had read that you could get it removed merely by having some appraise your house again and prove that you own over 20% equity in the house. The mortgage company is not required to remove PMI at that time, but most do. Is that an option?
Ah, not familiar with FHA. Been 34 years since I bought a house, and the houses we looked at then all had the note that the seller would not accept any offers with FHA financing.The only way to remove it on an FHA loan is to refinance. An appraisal is not enough, unfortunately. Had that been the case, we could have removed it after a year or so. We tried but to no avail.
You are right. Same happened to me and I couldn't refi for a long time due to a lein on my husbands name.The only way to remove it on an FHA loan is to refinance. An appraisal is not enough, unfortunately. Had that been the case, we could have removed it after a year or so. We tried but to no avail.
Rules changed a few years ago. It’s something like 22% AND two years of payments.
Ah, not familiar with FHA. Been 34 years since I bought a house, and the houses we looked at then all had the note that the seller would not accept any offers with FHA financing.
Ahhhh, junk. Yeah, forgot about FHA not allowing it. That's their trade-off, so to speak.The only way to remove it on an FHA loan is to refinance. An appraisal is not enough, unfortunately. Had that been the case, we could have removed it after a year or so. We tried but to no avail.