(no subject)
Jesus Christ. I just got the results of my appraisal. Apparently the value of my home has dropped by $26,000 since I bought it. WTF.
I had my original loan paid down under 78%. I knew the value was going to drop enough that my remaining balance would be over the 80% needed to drop PMI, but so much for hoping I'd just need a tiny secondary loan to make up the difference! I'm back at 93%! =|
If I understand this correctly, it's going to take a secondary loan of $16,000 to make up the difference. That's almost as much as I took out for my car. So much for saving anything by decreasing my mortgage payment. It's all going to have to go straight into paying off that secondary loan.
Fuck the economy, for real.
I had my original loan paid down under 78%. I knew the value was going to drop enough that my remaining balance would be over the 80% needed to drop PMI, but so much for hoping I'd just need a tiny secondary loan to make up the difference! I'm back at 93%! =|
If I understand this correctly, it's going to take a secondary loan of $16,000 to make up the difference. That's almost as much as I took out for my car. So much for saving anything by decreasing my mortgage payment. It's all going to have to go straight into paying off that secondary loan.
Fuck the economy, for real.