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Reply to "Refinancing to conventional loan (30y fixed) - charging us $3500/ 1 point "
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[quote=Anonymous][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] Okay, 20% of equity on a house appraised at 420k is $84,000. So, if you have $90,000 you are fine. But, I'm confused. If your original loan was for $330,000 shouldn't you have paid it down some by now? You don't still owe 330k....you should owe less which means you have even more equity! Look at your statements to see how much you owe. Regardless, I agree that you should shop around for a better deal. [/quote]
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