[smash_effect]

Just a note that you can pay PMI upfront for 1.5% of the loan amount. (You never pay it again) That amount can be rolled in to the loan. So, if it's a long term home for you, it quickly pays itself off. Just an idea!

[DPline]

I didn't realize that! Interesting! I will have to do some number crunching and see how that works out if the appraisal doesn't come back where we need it.

[Linny]

We closed just this week on a re-fi of our home. We went from 5.875% to 4.875% with a cash out (and guess what that cash out is for???? )

Anyway......we're told the rates will continue to go down. We had no points, no PMI, and yes, we had some equity in our home. But, the bank states that if the rates go down again---after we've made our first payment----we'll have to pay some $$ to close, BUT.....we can re-fi to even lower.

Works for us....and I'm sooo grateful we were able to do this now. My sister is in RE and says the rates will go down further....sooooo, to the original poster: if you can wait a bit, I would.

Sincerely,

Linny

[chrisandaaron]

Thanks for all the advice so far! I can always count on you guys! We decided we are definitely going to do it. Now the question is do we do it now or wait a couple months and see what happens with the rate. Why does getting a home mortgage seem so much like gambling?

[myccg2004]

The only thing about waiting is that while the rates may go down, so might your homes value. If you want to avoid paying PMI, that might be something to consider.