Pipe Smoker
Member
- Joined
- Apr 16, 2011
- Messages
- 544
After renting for years, my wife and bought our first home in early 2007. In hindsight we made a few mistakes - mainly paying too much and not putting enough down. We're not quite underwater but the house is worth a lot less than we paid for it. We're looking to buy something bigger in a better school district, hopefully in about 6-10 months. Right now my interest rate is at 6% and we're just about to cross the 20% mark, so we can finally stop paying PMI.
I'd be happy to sell my house for what we owe plus enough to cover the realtor's commission, but if that's not possible i would consider renting it until the market turns around or we have a bit more equity in it. I really just don't want to have to cut a check to leave the house.
So this is my question (assuming we'll stay in the house long enough to justify the closing costs) if the appraisal is roughly what we owe on the house, are they going to put us back in PMI, or will they be satisfied with the fact that we have already paid down 20% of the purchase price? Either way is there anything else I need to take into consideration, or is it simply whichever saves me the most money at the end of the day? Any other general advice about the process?
I'd be happy to sell my house for what we owe plus enough to cover the realtor's commission, but if that's not possible i would consider renting it until the market turns around or we have a bit more equity in it. I really just don't want to have to cut a check to leave the house.
So this is my question (assuming we'll stay in the house long enough to justify the closing costs) if the appraisal is roughly what we owe on the house, are they going to put us back in PMI, or will they be satisfied with the fact that we have already paid down 20% of the purchase price? Either way is there anything else I need to take into consideration, or is it simply whichever saves me the most money at the end of the day? Any other general advice about the process?