Posted: Fri Dec 26, 2008 10:16 am Post subject: Can I refiance my current home loan for a no PMI mortgage?
I am an emergency room doctor in California and I recently purchased a home (last month) but was not aware of physician loans that have no PMI. As I am paying a huge amount of PMI, I would like to refinance if it would be in my best interest. How long can I wait to refinance and is the interest rate higher than a normal mortgage rate? My current rate is 6.5 and my home purchase price was $690,000. My credit is over 720. Thank you.
As far as I know, you will have to wait for at least 7 months to refinance the mortgage. Moreover, check out the mortgage docs and see if there is any pre-penalty clause mentioned in it. If there is a pre-penalty clause, then you will have to pay a penalty if you pay off the mortgage early.
Feel free to ask if you have further queries.
Sussane
Mark Guest
Posted: Mon Dec 29, 2008 11:49 am Post subject: Refinance
Thank you Sussane for your reply to my question. I may have gotten over my head with the mortgage I got. Although I paid a lot for my home, it isn't a huge house...it's just over 1200 square feet but my mortgage lender convinced me that it was under the value of the house. Because it's in California, I think she may have lied about that. I hope I'm wrong because you can imagine that PMI on a $600,000 mortgage is huge!
Did you check your mortgage docs to see whether there is a pre-penalty clause mentioned in it? I can understand that you must be having a tough time paying the mortgage dues. But I agree with Sussane that you will have to wait for 6-7 months to refinance the mortgage. _________________ Procrastination is the enemy of your financial success
JohatAFC Guest
Posted: Tue Dec 30, 2008 1:59 pm Post subject: Physician Loan
Google "Doctor Loan USA"
Enter the requested information and someone is supposed to get back to you with the physician loan info. It is either beneficial to you or it is not
Guarded123
