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Time to try refi..... again?
A year ago last summer-ish I tried to refi our (only) mortgage to take advantage of low rates. We bought the home in June/2010, and paid 20% down and have been (overpaying) the mortgage since but naturally, most of what is paid in the first several years is interest anyway, so our actual balance hadn't gone down by much. Couple that with a declining market, and we didn't meet the magic 80% LTV (as I recall if the valuation were like $5k higher it would have qualified.... we weren't off by much).
What sucks about situations like that is that I paid ~ $400 for the appraisal only to basically have it be lost since we didn't refi.
Well our rate is something like 5%+ or so, we both have credit near 800 and a balance of ~ $287k on a home we paid $377k for (76.1% "LTV" right now). We'd need the place valued at around $360 to fall under 80% LTV. I am in the process of finishing the basement but it won't be complete for a couple months.
What are your thoughts on attempting a refi again to knock the rate down by ~ 1-1.5%? I think that's realistic - and would result in a 20-25% reduction in interest paid per year (in 2012 it was over $15k)
What sucks about situations like that is that I paid ~ $400 for the appraisal only to basically have it be lost since we didn't refi.
Well our rate is something like 5%+ or so, we both have credit near 800 and a balance of ~ $287k on a home we paid $377k for (76.1% "LTV" right now). We'd need the place valued at around $360 to fall under 80% LTV. I am in the process of finishing the basement but it won't be complete for a couple months.
What are your thoughts on attempting a refi again to knock the rate down by ~ 1-1.5%? I think that's realistic - and would result in a 20-25% reduction in interest paid per year (in 2012 it was over $15k)
