Posted on: 26th Dec, 2008 09:16 am
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.
Hi Guarded!
Welcome to forums!
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
Welcome to forums!
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
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.
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
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