Mortgage Question?
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I have been living in my home for over a year now. To get into my home I did a 5/1 ARM and a HELOC and paid 5% of my home in cash. I did the HELOC so I didn't have to pay the PMI, thinking that I wouldn't be paying more and get back more on my taxes. Well, as you may have noticed, the housing market is in really rough shape. I'm still doing OK on my HELOC, but would like to consolidate my two loans into one loan. I have excellent credit and pay my mortgage early. I guess I'm what you could call a "no risk loan". My questions are, which company would be good for a loan and how do I go about consolidating my 5/1 ARM and HELOC into one mortgage, say a 30 year fixed. Thanks.
Mortgage Question?You will end up having to pay PMI, as you don't have but the five percent equity you originally paid down. You would be undoing what you already did, and PMI on a 95% LTV is high. Leave it alone for awhile and hopefully your house will increase in value to permit you to get a thirty year fixed rate without PMI. You have another four years to evaluate your situation.
Mortgage Question?refinancing will be the only way to consolidate both loans....try to get a lender paid pmi product ....or FHA.
you also may want to know if the value of your home has dropped.....this can severly affect your decisions.
5k isnt a huge difference .....but it is if your house is worth 100k...then that will be 5% of your LTV
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