Proud new owner of..........20% of my home, no more PMI!!!

[$ hoarder]

I know there is only a select group of people who would understand my excitement about getting rid of PMI and knew that they might all be on this forum

Our appraisal came back higher than we thought and are re-financing into a 15 yr at 2.75%. What to obsess over next....paying off my car....more investments....the possibilities are endless

[Petunia 100]

Congrats on two counts: ditching PMI and your awesome new mortgage rate! Way to go.

[PauletteGoddard]

That's terrific! I remember the joy of learning we were qualified to ditch that mortgage baggage! Glad you got that joy too!

[siggy_freud]

Congrats OP! Good feeling to have a bit of money back. I did something similar last year. Bought a home in 2011 on an FHA. Renovated it, and raised the value enough that a year later I was able to refinance into a conventional without the PMI and at 1% lower rate. Good feeling!

[marco_salinas]

Good to hear from you. I understand how you feel at this moment in time... just keep it up dude.

[bjl584]

Congrats.

[scfr]

That's a nice milestone to reach. Congratulations!
Onward to the "owning more than we owe" milestone!

[phantom]

Congratulations!

Have you decided which 20% you own now? When we bought our house with 20% down, we decided that meant that the kitchen and the master bedroom were ours. We figured being able to eat was important, and we didn't want any bankers thinking they could wander into our bedroom.

[The_Wiz]

Congrats!

[Ant81]

Congrats!!!

[cascade11]

People that do not have 20% of the purchase price of a home should not buy a home in the first place because of PMI.

[$ hoarder]

Cascade, typically I would agree but the 3k I paid in PMI was well worth the opportunity to buy at the bottom of the market and reap the benefits of that.

[Caoineag]

Congrats!

We did a 15 year fha (which at the time was cheaper than conventional) and then fixed the place up and refinanced the next year into a conventional 15 year so I can understand the joy.

[amarowsky]

How did your scenario go? Because I bought my house in 2010 FHA and since have paid off about 6.5% of my mortgage. And I'm pretty sure my house (purchase price of home 73k @ Apr of 4.7) is probably worth about 80-90k now. I have high 700's credit would it be wise to refi under a conventional loan @ 15 year for me too? Or is the refi pretty pricey?

[$ hoarder]

The rates have gone up a little in the past couple of weeks but are definitely better than 4.7. Shop around but zillow can give you an idea of what is available. I also check out mortgagenewsdaily.com to track how the rates are doing.