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Can I refi to add on a pool and drop PMI

940 Views | 1 Replies | Last: 6 yr ago by East Dallas Ag
putu
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AG
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?
SteveBott
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AG
It is doable but might be easier to get the pool in an add on home improvement loan then with the increased value role both loans into one with a refinance loan.
East Dallas Ag
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AG
I can only speak to what I see in Texas, but unless it's just a badass pool, from an appraisal standpoint (which is what will matter here, what your appraiser values the home + Pool) a pool does not add $50k in value. Maybe it's different in your area. If you had an agent help you buy, I'd reach out to them and see what pools typically add to the appraised value - or better yet reach out to a local appraiser.
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