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My issue is I am in the market to purchase early fall end of summer. So I am not looking to refi. I don't want to write two notes within 3 months of each other. I may just ride it out for a while. Hope the Market values rebound and hope to refinance in a year or two. I just don't honestly want to shell out cash I can do other things with to get it to an 80/20 value at todays market. When I move the property will be covering itself and then some. THe PMI just pisses me off. I understand the concept but just feel like I am pissing 100 plus dollars a month away.
I have looked at area comps through zillow and other sites to see what recent sales of similar properties have been. And to see what other buildings are listed at. For me to get to 80 20 on the current note I am looking at shelling out close to 40,000 to get me in line. Unfortunately I have to use the note holders appraiser due to the fact that I don't want to Refinance. So f-it for now. I am going to let the tenants pay the bills and build equity in the property. Eventually this house is going to turn into a down payment for a home on the cape. This place was always a long term investment.
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