Due to a situation where I basically was either going to be purchasing a home or renting for more money then monthly mortgage payments and because my in-laws were generous enough to give us the down payment of 20% plus closing costs I purchased a home with my wife in January. Mortgage is in my name because frankly my wife’s credit is in a bad spot. Because my credit wasn’t in a super great spot we ended up having to get an FHA loan.
Flash forward to now and we’ve paid off all the credit cards with my name attached to them. My score is very likely to be in a good spot as this was the only hindering factor on my credit. My question is should I refinance? I can’t find any calculators that take into account me no longer having to pay PMI. I’m also unsure that once I hit a certain percent paid off vs my house’s value that the PMI won’t be removed on an FHA loan anyways. Currently I owe ~$139,000 on a house valued at ~$179,000. I pay about $1,015 a month. Interest rate is 4.375%. Previous FICO score was 620. It’s likely to be up to about ~710 but I won’t know until everything hits the credit bureaus.
I also have questions about refinancing my car but was unsure if I should make a new thread or put it on here as well. Thanks!
