Updated almost 6 years ago on . Most recent reply
FHA loan refinancing questions
Not much progress has been made however I have saved up enough money to pay off a 20%($32,252) down payment if the correct move is to refinance. The numbers I know for sure as of now is that if I pay the PMI for the lifetime of the loan that will be a little over $36k extra and you don't need to be good with money to know you don't want to waste $36k. The $32k I spend on refinancing I will have to spend on the house no matter what and it saves me $36k... unless im looking at this all wrong.
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@Jerry Padilla I haven't gotten the property appraised yet and I haven't built much equity. I plan on getting it appraised soon. Would it be better to put some money into building equity before refinancing? As for making improvements to the property, I have asked the HOA about a couple of upgrades and they have not gotten back with me yet.