Quote:
Originally Posted by VisualEcho
BAL: $114,800
PMT: $1,180
YRS LEFT: 13
RATE: 3.375%
APRSL: $250K
Probably live in it for at least 20 years, then buy a new home and rent this one out. Basically trying to pay it off as fast as possible without going overboard on the payment.
I was hoping to get a 10 year note at 2.75% to 2.95%.
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Based on your numbers you could easily get that payment much lower right now (assuming that is just mortgage you are quoting and not taxes/insurance included which would muddy it up). Personally as low as rates are right now I personally am opting for the longest loan I can and will pay it as slowly as possible.
Quote:
Originally Posted by KingOfJericho
I thought mortgage companies required escrows to ensure their investment is protected. If you don't pay your flood policy and the house floats away, the bank is out far more money than the borrower.
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This was my understanding as well. I don't think the escrow goes away on most of the loans I have seen as it is tied to the interest rate not the LTV.
Quote:
Originally Posted by Rmtt
It may be elementary to some on here....but just wanted to mention.....if you didn't pay 20% down when you bought your house, and now you have either enough equity or made enough payments to get to that level of 80% of the purchase price....you can eliminate your PMI payments as well.
Depending on the value of your house.....you can eliminate $2K+ a year you are paying.
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My bank requires you to request at 80% and will automatically drop PMI when the LTV is *scheduled* to drop below 78% (assuming normal payments and not what you actually have paid)