NFCU Refi

[Anonymous]

Hey all, it's been a minute since I've been here but we successfully closed on our dream home back in February after so much help here! Next question, we went FHA. Home values in our neighborhood have skyrocketed since we signed a year ago and we have roughly $100k in equity since closing. We're looking to refi into a conventional to drop our PMI since we're below the 80% threshold. Has anyone used NFCU for a conventional refi? How was the process? We're keeping the same amount, same term, just looking to drop the PMI. I chatted with one of their experts and it seems easy enough. Closing costs financed etc. Just looking for any insight into their process, especially lately Post-Covid.

[CreditFun]

Use a local broker. faster closing, lower rates, access to lenders with less overlays. 

As long as you didn't put the loan in forebearance, have late payments, and your DTI is <50% you should be fine. 

that said, if you don't have LTV of 80% after an appraisal, consider a HELOC or single payment premium for PMI.

Increasing your loan balance should be avoided. 

During the refinance process you generally defer one to two mortgage payments. Use that money/opportunity to pay your closing costs.