Agree with me this is a bad refi offer. pls.

icanbethatdumb · Joined: 11 Jun 2009 Posts: 3

I got a call from Chase the other day offering a refinance. After looking it over ( quickly) I can't see how this is better than what I have now.

Here's what I have now.
2003
30 Yr fixed
123k loan in 2003 at 7.37 % APR fixed
$279 per month PMI ( YES that's right!)

2011

Currently owe 111k
never missed a payment nor never late
credit score now 756
Present market value of home according to Chase 119k

Chase offered this refi offer:

113k loan ( xtra to cover closing +)
5.12 APR fixed
30 yr fixed
AND STILL
$279 per month PMI

So..we add ten years to our mortgage, plus another 8+ ? years of $279 p/month PMI, but our interest rate is dropped and our principle payment would be $619.00 + $279 PMI instead of $863.00 + $279 PMI

What the HECK is going on with the PMI? To date, we've paid $26,784 in PMI since 2003.

We both have good credit scores now. I don't see this as a deal at all.
I was afraid to try to refinance because I wasn't sure how much the
value of our house dropped, and thought we might be upside down, but it appears we are not.

This seems like highway robbery to me.