How do I know when it is time to refinance my 2 mortgages into 1?
jonathanzila asked:
I bought my house a year ago, and put 3% down. We took out an 80% first mortgage and 20% second mortgage. Our second mortgage is adjusting and keeps going up every month. I do not want to pay Private Mortgage Insurance, but also do not want to keep seeing my payment go up. How do I find out if I have 20% equity in the house? Should I refinance it?
Sean
I bought my house a year ago, and put 3% down. We took out an 80% first mortgage and 20% second mortgage. Our second mortgage is adjusting and keeps going up every month. I do not want to pay Private Mortgage Insurance, but also do not want to keep seeing my payment go up. How do I find out if I have 20% equity in the house? Should I refinance it?
Sean