Refinance with same lender, no PMI, no Escort account fee?# Living
w*y
1 楼
Hi,
We are in the middle of refinance process. We have 2 loans total. 1st
loan is 80%, 2nd is 10%, so we avoid to pay PMI when we purchased. We
only refinance the 1st one right now.
The current lender offers 4.75% for 30 years fixed with 0.125% point.
Although it's higher than the other offers I got (4.5% with 0 point,
4.25% with 0 point etc). But according to the refinance agent of the
current lender, these are the advantages for refinance with current
lender:
1. We don't need to pay Escort account fee since it's the same lender,
while others guys charge 3k+ escort account related charges.
2. The problem is that the 1st loan is more than 80% of the house
current market value. So if we use other guys, we will need to pay PMI,
which is likely $100+ per month. According to the (current lender's)
refinance agent, we don't need to pay PMI if we refinance with them
because of some kinds of Home Affordability program.
So, overall, refinance with the current lender seems to be a good option
(even though the rate is higher, but no PMI and less closing cost).
My question is:
1. Is there such a program so that we don't need to pay PMI? I never
heard of it before.
2. Is the whole escort account charges thing reasonable?
Thanks!
We are in the middle of refinance process. We have 2 loans total. 1st
loan is 80%, 2nd is 10%, so we avoid to pay PMI when we purchased. We
only refinance the 1st one right now.
The current lender offers 4.75% for 30 years fixed with 0.125% point.
Although it's higher than the other offers I got (4.5% with 0 point,
4.25% with 0 point etc). But according to the refinance agent of the
current lender, these are the advantages for refinance with current
lender:
1. We don't need to pay Escort account fee since it's the same lender,
while others guys charge 3k+ escort account related charges.
2. The problem is that the 1st loan is more than 80% of the house
current market value. So if we use other guys, we will need to pay PMI,
which is likely $100+ per month. According to the (current lender's)
refinance agent, we don't need to pay PMI if we refinance with them
because of some kinds of Home Affordability program.
So, overall, refinance with the current lender seems to be a good option
(even though the rate is higher, but no PMI and less closing cost).
My question is:
1. Is there such a program so that we don't need to pay PMI? I never
heard of it before.
2. Is the whole escort account charges thing reasonable?
Thanks!