09-17-2020, 03:52 PM
It was so nice to finally get rid of my PMI this past month and complete the refinance. This is a weird aside but my mortgage company is based in California and they wanted to me to close immediately and sent a notary to my house at midnight after I got off work to finish filling out the paperwork. Pretty crazy. Don't worry, it was the same mortgage company I had my original loan with so I trusted them.
I did the unpopular refinance option of going to another 30 year loan. The plan is to pay my old mortgage payment amount (including PMI) effectively making it a 15 year loan, but allowing me some flexibility in case I wanted to budget for a purchase (i.e. a car) or lost a job. In those instances, just pay the minimum mortgage payment. The real cost to this is that I wouldn't take advantage of a closer to 2.0% rate, but I'm at 2.99% on the refinance which is a big improvement over the 3.75% I had in the other loan.
I did the unpopular refinance option of going to another 30 year loan. The plan is to pay my old mortgage payment amount (including PMI) effectively making it a 15 year loan, but allowing me some flexibility in case I wanted to budget for a purchase (i.e. a car) or lost a job. In those instances, just pay the minimum mortgage payment. The real cost to this is that I wouldn't take advantage of a closer to 2.0% rate, but I'm at 2.99% on the refinance which is a big improvement over the 3.75% I had in the other loan.
2008 4Runner
1974 CB360
2015 FJ09
1974 CB360
2015 FJ09