All Forum Posts by: Account Closed

@Jacob Pereira @Jordan Moorhead @Jarred Sleeth 

Thank you all for the insight and offers for help. Def going to see about getting rid of PMI asap.

One other thing I'm curious about, what would be a decent interest rate to refinance towards? I've read only refinance if it's a full percentage point lower or more, does that sound about right?

I know it def costs money to refinance from your current rate, so I'm curious to know how much lower it needs to be to justify it? We have it locked in currently at 3.25% fixed on a 30yr loan.

Another question I had was would it be better to try and get a second home/mortgage in my wife's name? 

The current mortgage is in my name, not my wife's. However the deed for the house is in both our names. Or what that not even matter?

We have no debt besides the mortgage, just FYI, seeing that prob is a factor to lenders.

@Jacob Pereira @Jordan Moorhead @Jarred Sleeth
Thank you all for the insight and offers for help. Def going to see about getting rid of PMI asap.

One other thing I'm curious about, what would be a decent interest rate to refinance towards? I've read only refinance if it's a full percentage point lower or more, does that sound about right? I know it def costs money to refinance from your current rate, so I'm curious to know how much lower it needs to be to justify it? We have it locked in currently at 3.25% fixed on a 30yr loan.

Another question I had was would it be better to try and get a second home/mortgage in my wife's name? The current mortgage is in my name, not my wife's. However the deed for the house is in both our names. Or what that not even matter?

We have no debt besides the mortgage, just FYI, seeing that prob is a factor to lenders.

1st time posting here.

Looking to purchase another house and keep current single family home as rental. We just have no idea how to do it.

In Austin, Texas market. Bought house 1.5 year ago for $230K. We got a conventional loan with our Credit Union, putting 3% down at 3.25% interest. Our total payment (P&I, PMI, property tax, insurance) is $1569, and we still owe $222k because only $389 per month is going towards principal.
Based on crazy prices on houses that have been sold in our neighborhood over the course of the past few months, I think that we could probably sell the house for $330-370k with barely any updates to house. Based on other house rentals in neighborhood we think that it might be possible to rent for $1700-$1900 per month easily.

Was thinking we should be able to get PMI removed? I reached out to mortgage lender and asked how to do it, they replied that if we believe the value of the house is at or above $298k, then we could get it appraised (by an appraiser of their choice to confirm) and they'd drop PMI.

Currently our PMI is $72.18 a month until Sept 2027.

Other details to help figure out if possible:

Our gross family income is right at $100k. We don't have a ton of money saved for a new down payment on a new house.

Any advice is appreciated.