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Should I refinance my morgage?
Does it make sense to refi to a lower rate (going from 6.5 to 5.75%) if the value of my house has dropped and I’d have to make up the difference in cash to reach the 80% LTV ratio or take out PMI? I plan on staying here for at least 10 years.
Addition details. Currently have a jumbo Mortgage with a 30 year fixed rate of 6.5%. Bought the house less than 1 year ago. The loan I’m thinking about Refinancing to is also a jumbo 30 year mortgage with a fixed rate of 5.75%.
It depends on the amount of cash. You want to avoid PMI, look into an 80-10 loan if your bank is willing to qualify you. It also depends on the value of your home. Your mortgage lender should be able to supply you with an amortization worksheet along with a savings display.
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