Hello all! I'm new to the forum and thanks for taking on my question for me. so..
I currently have a 30y fixed mortgage at 4.625% with an outstanding balance of 198k with a payment of $1,082.
I recently went to the bank to refinance to a 20y fixed at 2.875% however the bank came back with an 83% LTV so they are adding on another 0.25% to bring the rate to 3.125% with a payment of $1,184 plus PMI of $26 for 19months. (It would of been $1,157 if the LTV was 80%) By the way the new loan amount is 211k because of the fees and such...
I would really like to get the interest rate on it down to the 2.875%... which now I need your help with..
I can do that with a principle payment of 7K, challenge my appraisal (which never seems to work), or just wait until I have paid down the principle to get me to the 80% LTV however I feel the rates will be increasing soon, or just bite the bullet and refinance at the 3.125%.
I think I know what I would do but I would like some opinions on it. Thanking you all in advance!!!
Jonathan
Future Retiree