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Should I refi, Did I get ripped off?

I have a 2 bedroom Condo in Staten Island, NY, I purchased the condo for $300, with 10% down after closing costs I was left with a Mortgage of $278, the property was appraised for $315,000 when we went into contract. byt sellers were in a rush to move the property so I got it for slighlty less. I ahve an interest rate of 5.25% its FHA, I have seeen 30 year fixed rates advertised much lower. My principal and interest payment is like $1525 and my mortgage insurance is another $125 a month? I had a 680 fico at the time. Its up to over 700 currently the middle fico is 706. Did I get ripped of by the mortgage guy, should I refinance.

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lilaZian7s

Asked by lilaZian7s at 4:07 PM on Mar. 31, 2011 in Money & Work

Level 4 (28 Credits)
Answers (3)
  • I'm no expert but that sounds about right to me.
    UpSheRises

    Answer by UpSheRises at 4:12 PM on Mar. 31, 2011

  • It sounds right to me too. If you refi you will have to pay big fees.
    Mel_in_PHX

    Answer by Mel_in_PHX at 4:14 PM on Mar. 31, 2011

  • How long ago did you buy? It doesn't sound like a bad deal. I have 2 FHA loans in process now and the rates are 4.875 and 5.0 so you might be able to save some money on rate, even more so if you do a conventional loan rather than an FHA. The question is what is your house worth today? If the value has declined then it might not make sense to do it, you might now have enough equity to get out of your PMI yet. It certainly doesn't hurt to call and get some information from a lender though. Ask lots of questions and if they don't take the time to explain everything to you to your satisfaction find someone else. Good luck.
    MaryMW

    Answer by MaryMW at 4:17 PM on Mar. 31, 2011

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