03-12-2012 03:54 PM
Last year my husband and I purchased a house putting 10% down and locking a 4.75% rate with PMI.
Since the purchase we did extensive renovations on the house totalling in over 10% of the value.
We are in a process of trying to drop the PMI, but also wondered if it would make sense to refinance since the rates are lower than when we bought.
Any comments, experiences , thoughts would be greatly appreciated.
03-13-2012 12:57 PM
Odds are it would be a good idea to look into a refinance. Contact a lender and get an appraisal ordered. If the value permits you could certainly take advantage of the lower rates and get rid of the PMI. It will be nice to see the fruits of your labor reflected on the appraisal report as well.
Best of luck,
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03-27-2012 07:55 AM
Refinance - well a good idea. But I guess it would be better look and consider renovating first. Those two are the best options you can have rather than dropping the PMI.