I'm 99% sure I know the answer BUT...
Bought house last year - 30 year loan with 100% financing of $440k @ 3.75%. Refinancing now to 15 year conventional loan 2.375% and appraisal came in @ 495k.
Options are:
1. Pay down to 80% LTV so bringing 35k toward principal to closing
2. Pay PMI
3. Not refinance or look for a different lender who will allow more than 80% financing.
A couple things, I have the cash to do #1 and also picking a new lender is not ideal as it complicates CEMA to avoid recording taxes in NY.
Thanks!!
Bought house last year - 30 year loan with 100% financing of $440k @ 3.75%. Refinancing now to 15 year conventional loan 2.375% and appraisal came in @ 495k.
Options are:
1. Pay down to 80% LTV so bringing 35k toward principal to closing
2. Pay PMI
3. Not refinance or look for a different lender who will allow more than 80% financing.
A couple things, I have the cash to do #1 and also picking a new lender is not ideal as it complicates CEMA to avoid recording taxes in NY.
Thanks!!
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