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Real Estate
Reply to "Refinancing to conventional loan (30y fixed) - charging us $3500/ 1 point "
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[quote=Anonymous][quote=Anonymous]What is the value of the house? In other words, you have 100k in equity but what your percentage of equity? If it is less than 20% you may have to pay a point to avoid paying PMI each month. We just refinanced and had to do that because we only had 12% equity in the house. We did the math and it still worked in our favor given the super low interest rates right now. [/quote] the house appraised at 420k. Our loan was originally 330k. So 90k in equity. I don't know what the % of equity that is (i'm a math dummy)[/quote]
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