We filed 9/05, discharged 1/06
We purchased our first post BK home 9/06. We did 100% LTV with no PMI or Escrow. We financed $112,000 payments were 1007 and we were at 10.3%. We pay property taxes with our federal return (it would be $159 montly if escrow) and montly $60 home owners insurance. So assume we paid everythng in escrow the total montly payment would be $1,227.
In October 07 the bank called and asked if we would like to refi. They quoted us 8%. We declined for personal reasons that seems to be a blessing in disguise. They were saying montly payments with escrow would be $1050. Savings, yes, but like I said were in a rough spot and did not know if we would be selling the house for personal reason.
Jan 08, I called an aquaintance just to have him run some numbers. We were quoted 6.25%. With PMI and escrow we are looking at $980/month. We are borrowing a little more $118,000 to cover the fees and the back escrow payments. Th loan is at 95% LTV. We have added value to the home buy finishing the basement and many cosmetic updates.
We do not buy points to lower the rate.
We purchased our first post BK home 9/06. We did 100% LTV with no PMI or Escrow. We financed $112,000 payments were 1007 and we were at 10.3%. We pay property taxes with our federal return (it would be $159 montly if escrow) and montly $60 home owners insurance. So assume we paid everythng in escrow the total montly payment would be $1,227.
In October 07 the bank called and asked if we would like to refi. They quoted us 8%. We declined for personal reasons that seems to be a blessing in disguise. They were saying montly payments with escrow would be $1050. Savings, yes, but like I said were in a rough spot and did not know if we would be selling the house for personal reason.
Jan 08, I called an aquaintance just to have him run some numbers. We were quoted 6.25%. With PMI and escrow we are looking at $980/month. We are borrowing a little more $118,000 to cover the fees and the back escrow payments. Th loan is at 95% LTV. We have added value to the home buy finishing the basement and many cosmetic updates.
We do not buy points to lower the rate.
Comment