In terms of the PMI, I know that some lenders allow you to take out a home equity loan to cover the 20% and thus avoid the PMI. For example, assuming your house costs $100,000. You can get a mortgage for $100,000 and have to pay PMI or you can get a mortgage for $80,000 plus a $20,000 home equity loan. In the later case, you do not need to pay PMI, or so I'm told.
Good luck, Stephen On 7/13/07, Heather Simoes <[EMAIL PROTECTED]> wrote:
Thank you to everyone who replied to my email. Glenn, thanks for the detailed answer. I was wondering - when you refinanced, did you wind up having to pay mortgage insurance on the new mortgage? I am worried about this, as it could add significantly to our mortgage since we've only had the house for 4 years and don't have much equity in it yet. I am hoping that the appreciation of the house value since we bought it will offset this and we won't have to pay PMI, but I'm not sure if that counts or if you have to have actual cash equity in the house. Did you encounter this problem when you refinanced? Thanks again, Heather >From: "Glenn" <[EMAIL PROTECTED]> >To: "Heather Simoes" ><[EMAIL PROTECTED]>,<[EMAIL PROTECTED]>,<UnivCity@list.purple.com> >Subject: Re: [UC] exiting the UPenn enhanced mortgage program >Date: Fri, 13 Jul 2007 13:28:04 -0400 > >Heather and Jeremy, > >I'd strongly urge you to get it straight from the housing office and your >bank. I've seen some of these policies change. You certainly want to plan >in advance. > >As I recall when I left seven years ago, I received a letter soon after I >left my job that I would need to refinance. If that is the case today, you >have new closing costs and changed interest rate that will effect you. > >I did not plan in advance and almost got myself into trouble. I had >believed what someone else posted earlier that I could just get Penn's >obligation removed becuse my bank liked me. When I left my job, my income >was lower and I was lucky to be with the small bank. I barely qualified >for the new loan and was very lucky that the interest rate was either the >same or slightly lower. > >I started the mortgage program in 1996 and somehow I missed or was too >inexperienced to realize that it was not as simple as I thought if I would >later leave Penn. I wasn't considering having to requalify for a new loan >when I resigned. Just make sure before you're committed. > >Now, the enhanced portion, if it is still the same, is yours to keep as >long as you do not move or sell the house for the term. I ended up moving >to a different building for a time and had to give back much of that too. >I think if you're on a temporary leave for something like a one year post, >you can be excused but not if you leave Penn like I did. > >Good luck, >Glenn >----- Original Message ----- From: "Heather Simoes" <[EMAIL PROTECTED]> >To: <[EMAIL PROTECTED]>; <UnivCity@list.purple.com> >Sent: Friday, July 13, 2007 11:03 AM >Subject: RE: [UC] exiting the UPenn enhanced mortgage program > > >>Hi Jeremy, >>I used the Penn mortgage program as well and may be in the situation of >>having to leave Penn in a year or so. I was wondering if anyone had >>responded to your email about refinancing. If you have any information >>you can share, I would greatly appreciate it! >>Thanks, >>Heather >> >> >>>From: Jeremy Leipzig <[EMAIL PROTECTED]> >>>Reply-To: Jeremy Leipzig <[EMAIL PROTECTED]> >>>To: UnivCity@list.purple.com >>>Subject: [UC] exiting the UPenn enhanced mortgage program >>>Date: Wed, 30 May 2007 16:12:05 -0400 >>> >>>Has anyone here gone through a mortgage refinance after leaving Penn? >>> >>>I would like to hear your experiences, in particular which fees you were >>>forced to pay your lender and which were waived. >>> >>>thanks in advance, >>>jerm >>>---- >>>You are receiving this because you are subscribed to the >>>list named "UnivCity." To unsubscribe or for archive information, see >>><http://www.purple.com/list.html>. >> >>_________________________________________________________________ >>http://im.live.com/messenger/im/home/?source=hmtextlinkjuly07 >> >>---- >>You are receiving this because you are subscribed to the >>list named "UnivCity." To unsubscribe or for archive information, see >><http://www.purple.com/list.html>. >> >> >>-- >>No virus found in this incoming message. >>Checked by AVG Free Edition. Version: 7.5.476 / Virus Database: >>269.10.4/898 - Release Date: 7/12/2007 4:08 PM >> >> > _________________________________________________________________ http://newlivehotmail.com ---- You are receiving this because you are subscribed to the list named "UnivCity." To unsubscribe or for archive information, see <http://www.purple.com/list.html>.
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