Author Topic: I just got rid of PMI : (  (Read 1926 times)

Jack

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I just got rid of PMI : (
« on: January 14, 2015, 01:22:42 PM »
The PMI on my mortgage has just ended, which is a good thing. So why is this post here instead of "share your badassity?" Because I failed to either refinance or pay extra on it -- I've just had the damn thing for so long (5 years) that the loan amortized down to 78% naturally.

And the worst part is, now I have even less incentive to get off my procrastinating butt and re-fi my 5.25% (30-year-fixed) interest rate (especially since my loan terms disallow me from refinancing to anything other than another 30-year-fixed for another 5 years). In fact, refinancing might not even save me money anymore, unless I wait another 5 years until I'm eligible for a shorter term....

Cheddar Stacker

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Re: I just got rid of PMI : (
« Reply #1 on: January 14, 2015, 02:13:18 PM »
Congrats?!?

I looked yesterday at 30 yr fixed rates with no closing costs at 3.75%. Get it done man. Rates are crazy low right now, and there's nothing wrong with a 30 year term. If you choose to (I wouldn't) you could even prepay the 30 years. There's nothing requiring you to pay it slowly, you just can't get a shorter term locked in.

1.5% is well worth the trouble and potential cost.