Forgive the rambling post, here's the situation:.
I bought a home in PDX 2 years ago for the high 300's. My mortgage broker at the time convinced me to spring for more house than I thought was wise given my ~5% down payment, assuring me that my pmi could be dismissed on the basis of rising property values, and that in short order it would. PMI is $250.
Fast forward to today, my property value has risen, but not to 20% equity. And, it turns out after talking to the company that bought my mortgage, my PMI can't be dismissed on the basis of current property value, only original LTV. So I'm faced with a choice: continue throwing the money away every month on PMI, or aggressively pay down my outstanding balance from ~347 to ~308 and get it dismissed, effectively accomplishing a ~7.5% return annualized over ~7 yrs (the timeframe for dismissal based on the original amortization schedule. Note this is a 30 yr loan).
What would you do?
Submitted October 07, 2018 at 03:31PM by Huskydoc https://ift.tt/2QxIm5i
