I'm looking for a creative way to refi my house (Palm Springs, CA) to drop PMI and if possible, add a pool. My thinking is that they will be close to offsetting each other and my monthly payment will not change much.
Assumptions:
Orig Price: $315K
Current Bal: $286K
Current Val: $350K
PMI: $270/mo
Pool Cost:$30K
New Loan: $318K
New Value: $400K
The figures above are based on recent sales of both homes w/ and w/o pools that are my floor plan within a 2 mile radius
.
What am I missing? What questions do I need to be asking?
I live in the desert and a pool will get its $ back and then some.
Is this even possible?
Assumptions:
Orig Price: $315K
Current Bal: $286K
Current Val: $350K
PMI: $270/mo
Pool Cost:$30K
New Loan: $318K
New Value: $400K
The figures above are based on recent sales of both homes w/ and w/o pools that are my floor plan within a 2 mile radius
.
What am I missing? What questions do I need to be asking?
I live in the desert and a pool will get its $ back and then some.
Is this even possible?