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Old 10-06-2015, 10:36 AM   #51
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I don't have any official appraisals, but based on recent sales comps, I would say I believe so.
i'd do lil shit, try to refi for a higher home value, to get you out of PMI
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Old 10-07-2015, 07:53 AM   #52
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@Mike K

why'd we lose you
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Old 10-07-2015, 08:58 AM   #53
 
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The same thing happens when I text him.

The man, the myth, the legend has a reputation to uphold.
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Old 10-07-2015, 09:01 AM   #54
 
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He's actually just having his essay response be peer reviewed and will post it in the near future.
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Old 10-07-2015, 09:06 AM   #55
 
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He's actually just having his essay response be peer reviewed and will post it in the near future.
He just posted in another thread how he didn't read a medium length post, because he didn't want to/care to read something that long....thought it was a bit ironic considering his average post length is 500 words
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Old 10-07-2015, 09:18 AM   #56
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You guys keep it up and we'll have to endure a 15 paragraph manifesto about TCG bullying
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Old 10-07-2015, 07:00 PM   #57
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Still figuring it out. It looks like no matter how we slice it it's going to be a complicated transaction. We sat out on offering on this house though because it was multiple offers right off the bat and they wanted me to get an offer in by 6:00 yesterday to compete with the others.

I wasn't about to make an emotional decision on something like this. So we'll figure it out so that we're ready to offer when the next house pops up.
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Old 10-07-2015, 08:57 PM   #58
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I saw a home come on the market one Friday afternoon around 4 PM. Called my customers and we looked at it at 6. Wrote the offer that night and got an acceptance Saturday morning. Good thing because they received two more offers on Sunday.

In today's market, it helps to move fast and make the offer fast on bargain or attractive homes. You should be able to have an inspection period written into your contract that will give you the opportunity to inspect the home in more detail once you have an executed contract.


Disclaimer: I am licensed in Florida. Check with your local Realtors to get information about your State's real estate laws and trends.
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Old 02-24-2016, 11:06 AM   #59
 
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Any update to this, @Mike K ?

I bought last year w/ a small down payment and a hefty PMI monthly payment. 10 months later and I'm now working to refinance to a lower rate and drop off the PMI...
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Old 02-24-2016, 11:09 AM   #60
 
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Any update to this, @Mike K ?

I bought last year w/ a small down payment and a hefty PMI monthly payment. 10 months later and I'm now working to refinance to a lower rate and drop off the PMI...
So when I shopped rates and down payments and PMI's, the lower my initial down payment the lower the interest rate...it was weird...

How much is your PMI and what % did you put down if you don't mind my asking?

(I put down ~13% and have a $44 PMI payment)
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Old 02-24-2016, 11:17 AM   #61
 
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We only put down 3% (Conventional) and our pmi is ~$230...
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Old 02-24-2016, 11:21 AM   #62
 
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We only put down 3% (Conventional) and our pmi is ~$230...
yeah completely understandable now
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Old 02-24-2016, 11:25 AM   #63
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230 pmi??? yikes
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Old 02-24-2016, 11:33 AM   #64
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We only put down 3% (Conventional) and our pmi is ~$230...
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Old 02-24-2016, 11:33 AM   #65
 
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Yeah, it's no bueno.

Hence why it's going away.
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Old 02-24-2016, 02:39 PM   #66
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Why was it so high?
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Old 02-24-2016, 03:12 PM   #67
 
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it's determined by down payment % and purchase price. I had a low down payment on a moderate house.
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Old 02-24-2016, 03:25 PM   #68
 
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Why was it so high?
It's basically insurance...and the lower the initial down payment, the higher the risk to the mortgage lender. I'm sure there are more factors that influence it, such as credit score, loan amount, and even possibly location of the loan.
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Old 02-24-2016, 03:39 PM   #69
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I just never would've thought it would be anywhere close to that. fuck
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Old 02-24-2016, 03:41 PM   #70
 
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It's basically insurance...and the lower the initial down payment, the higher the risk to the mortgage lender. I'm sure there are more factors that influence it, such as credit score, loan amount, and even possibly location of the loan.

I was told by a few lenders that you need to put 20% down to avoid PMI.
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Old 02-24-2016, 03:43 PM   #71
 
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I was told by a few lenders that you need to put 20% down to avoid PMI.
Yeah, I thought that was implied knowledge...

I can start "applying" to remove my PMI when my debt ratio reaches 18%, but will automatically be removed at 20%. If you bought a recent FHA home, you have lifetime PMI (or until you refinance)
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Old 02-24-2016, 03:48 PM   #72
 
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I was told by a few lenders that you need to put 20% down to avoid PMI.
That is correct. But the PMI % you are charged goes down with the higher down payment. Here was the numbers for me. You can see how putting more down would decreases that monthly insurance payment as they call it.


5 % down is 1.20% (Of Loan amount) PMI =$294 a month on as example a 300k loan.
10 % down is .76%
(Of Loan amount) PMI = $228 a month on as example a 300k loan.
15% down is .44%
(Of Loan amount) PMI = $132 a month on as example a 300k loan.
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Old 02-24-2016, 04:14 PM   #73
 
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That is correct. But the PMI % you are charged goes down with the higher down payment. Here was the numbers for me. You can see how putting more down would decreases that monthly insurance payment as they call it.


5 % down is 1.20% (Of Loan amount) PMI =$294 a month on as example a 300k loan.
10 % down is .76%
(Of Loan amount) PMI = $228 a month on as example a 300k loan.
15% down is .44%
(Of Loan amount) PMI = $132 a month on as example a 300k loan.
I will say that most of the "estimates" for what my PMI should be according to those calculators were way off....this one was spot on though, plus has an amortization schedule

PMI Calculator - How to Calculate Mortgage Insurance
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Old 02-24-2016, 04:19 PM   #74
 
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I will say that most of the "estimates" for what my PMI should be according to those calculators were way off....this one was spot on though, plus has an amortization schedule

PMI Calculator - How to Calculate Mortgage Insurance

Yep good tool I used it as well. Point of my post was to show the big difference in down payments compared to PMI %.
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Old 02-24-2016, 11:10 PM   #75
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Yeah, I thought that was implied knowledge...

I can start "applying" to remove my PMI when my debt ratio reaches 18%, but will automatically be removed at 20%. If you bought a recent FHA home, you have lifetime PMI (or until you refinance)
I just got my loan back in June. Mine drops off at 80% if I'm not mistaken.
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