I have a mortgage for a condo I bought last year (first home) and my interest is 4.25% and I'm paying PMI cause I put less than 20% down. Any tips on refinancing? Is it too soon?

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Sometimes a local institution in your area can get you a better rate and be more receptive to your concerns and questions. Best of luck!

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Refinance immediately. See if you have equity to 20%. PMI is just money sent down the drain. Regardless, you can definitely get better rate, especially if you do 15 years loan. Ask the loan officer to work the closing costs in the loan amount if you don't wanna pay anything for refinance.

I had the same rate but paid a fee upfront to avoid PMI. Probably a wash since I'm thinking of refinancing.

PMI is still tax deductible so it's not a complete loss

PMI is not tax deductible if your AGI exceeds $109k

Crap... Good to know now

Is there a way to avoid PMI if you are not putting down 20%?

There's a small chance the Fed may raise rates in September, which would be passed along to mortgage and refi rates

If you've got securities/savings, you could look into getting a margin loan to bring you up to the 20% minimum needed to eliminate PMI. Also, I think sofi has PMI-free loans as long as you out 10% down.

Rates are super low right now. Definitely refinance if you are able to at a low cost. It's hard to say for sure without knowing all of your details but generally speaking you should definitely be coming out on top. PMI is money down the pisser.

You can avoid PMI if you have 6 month reserves with a 10.1% down payment

Thanks everyone! So do I refinance by talking to my current bank or do I refinance through a different bank? I'm at Wells Fargo currently and honestly there is no one I feel like I can talk to which is ridiculous

Go to whoever gives you the lowest fees and new rate. Doesn't hurt to shop around a bit. You might get a few dings on your credit but it'll go back up.

Non homeowner here...what's PMI?

Private Mortgage Insurance.

@D4 it's common for FHA loans and when you don't put down 20+%

@D4 it insures the lender, not you, but you pay for it.

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