Refinancing
I currently have an FHA loan with a PMI of $61.60 a month for another 7 years my interest rate is 3.75% 30 yr which I closed on 3/15/2016. Should I refinance now into a 15 yr conventional? Is this what I should do considering my job is at a hold because of Covid19 and I’m 51? What do you suggest? I can’t sleep don’t know what I should do? Thank you for your time.
Terry Says
I’d investigate refinancing NOW — while you are still employed, and before a recession could push home values down. Then, at least, with current valuation you might be able to eliminate PMI. That would be a big savings.
But the lenders are backed up with refi requests, so start ASAP. You’ll definitely need a new appraisal, too. Consider GuaranteedRate.com or Quicken Loans.
