 If I add a 2 car garage to my house, would I still have to pay PMI? |
| If we add a garage to our house and that makes the value go up, would we still have to pay PMI insurance? We are paying 80,000 for the house and there is no garage. If we added a 2 car garage would ... |
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 How to handle the Death of a Tenant? |
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before giving you the keys to your house?
What day did you get the keys for your home?... |
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Please help i can't decide!
What adds more value to a house-:
Having 2 reception rooms (1 lounge, 1 dining room)
OR
1 lounge and a big kitchen, diner
My house has ... |
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Additional Details
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Help!
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| I have been living with my girlfriend for the last 5 years and we are looking at purchasing a new home....TOGETHER... is this a good idea...or should we wait till we get married... not really in a ... |
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| My credit score is about 605. I have several credit cards with balances near the limits (about $45k), but no other credit problems. My wife's credit score is about 640, with little debt, but ... |
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 I have 2 houses? One is primary and second is a weekend home about 50 miles away. I want to refinance primary |
| The problem is that I am over 80% LTV on my primary residence. Can I do a FHA loan? I am currently at 90%LTV. Is this the best thing to do? Anyone have any other suggestions? Even with PMI on a FHA ... |
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| I need my house to sell between now and Jan 1. What can I do in my house to make it look better to buyers/stand out? I own a small two bedroom house and I don't have tons of cash to give away as ... |
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 First-time home buyer? |
| I'm a first time home buyer with excellent credit. I have some credit card debt that I would like to like to roll into my mortgage as this would help me with cash flow. I'm planning on ... |
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harleybids | I purchased a home last October, 0% down.? |
Will sending my mortgage company $3k towards my principle help reduce my monthly bill? By the way, I got a 6.375% rate for 30yrs. Should I try to refinance instead? |
 |
 
Fatty
|
no and no.
paying down the principal does not effect your monthly payments. it only will effect the amount of your payment that will go to principal on your following payments. A 30yr fixed is exactly that, fixed... payments and all. By reducing your principal, you reduce the amount of interest accrued hence more money goes to principal on your next payment.
as for the refi... 1) you probably dont have the equity for it 2) your rate will have to be significantly lower to offset the cost of doing so 3) rates are at 5.875% today for the best qualified. On 200K that would be a difference of $60. Lets say you were lucky and closing costs were 4K, thats 5.5 years before you make up the difference.
Sit tight, wait until home prices start normalizing again. Focus on making on time mortgage payments. |
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VirtueOfIntolerance
 |
nope, sending extra money does go towards your principal balance, but it doesn't reduce your bill. It only reduces the time it takes to pay it off AND the total amount of interest you will pay.
I don't know about refinancing. 6.3 doesn't sound that bad |
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src50
|
It won't reduce your payment, but it will pay off the loan a bit earlier. |
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Tim
|
It won't reduce your monthly bill but will reduce the principal
Since you had zero down, your home may not appraise for enough to refinance. 6.375 is not a bad rate for 30 years. |
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Shredded Cottage Cheese
 |
your monthly bill payment is fixed. paying them $3K will only reduce the number of months you'd pay to satisfy (pay off) the loan. Refi is risky as the fees may eat you up. A lot depends on the rate and the amount it would cost to refi, coupled with the length of time you think you'll be in the house (does the lower payment wind up paying for the cost of the refi? Eventually, yes, but after how many months) |
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stinab
 |
This is a complex question; Just because thier are a lot of unknown factors on our end.
I will say 6.3 is a little bit high at this time. If you choose to re fi you may want to use those 3 thousand dollars to buy down your points. So your monthly interest rate goes down. adding 3 thousand to your prinicipal will not lower your monthly payments. |
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Billy Ireland79
|
Well if you did no money down, that means youre paying PIP insurance. You may want to see if there is anyway to refinance it as 2 mortgages so you dont have to pay the PIP. Usually PIP is on $200,000+. So say your home is $250,000, do it as $175,000 and $75,000. Also if you are asking this because of the drop in the fed rates by 1.5, it doesnt matter. Its only for short term, not mortgages. |
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louis
|
Always remember if someone says this loan only comes with a viable rate that fluctuates with the interest rate.
Say, "no thank you"
If it isn't a fixed rate, don't sign on the dotted line. |
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cap
|
fatty is correct |
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progunr
|
Refi could be an option now, or you could wait a couple more months as the rate is likely to be lowered at least one more time. |
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Popperian
 |
Dump variable mortagage rates. Get a long-term fixed payment that you can afford.
Fixed Cost Debt = the key for inflation economy.
As the dollar devalues, the real value of your debt will decrease. However, on a variable, they are going to keep raising how much you owe basically forever. |
|
Expert Realtor
|
Don't refinance if you have a fixed rate, that is money shot down the toilet.
Send in the 3K toward the principle and it won't reduce your monthly payment but it will take years off the loan and reduce the overall interest that you have to pay...you'll see the "payback" when you sell.
DO NOT refinance. |
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