[Co_Co]

years now? And how to do it? Hi All, I am at a decision point where I would like to refinance my current 30 year home mortgage to 15 years. So here is my situation:In August 2010, I bought a house at lower 300K and paid 10%+ down, thus having PMI over $100+/month. Taking a 290K loan, I have been paying $1900/month for almost 1.5 years till now. My credit score is 770 and the APR is 4.75%, again, it is a traditional fixed rate 30-year loan.My questions are:1). Do I have to make a down payment in order to get the 15-year refinance?2). Assuming I will make a down payment, does it have to be 20% of the loan amount (e.g. 290K * 0.2 = 58K) in order to waive the PMI?3). I plan to make the move in this Fall, is it a good time to do it?4). Although I would love to keep things simple, life doesn't always go my way. I also plan to buy a second car (it is a must for the family) in a month or two. Financially it is feasible but is it going to tarnish my credit score so badly that I won't have the same, if not better, credit score as I do now (770)? For the car I will need a loan too but will pay a 55% down and put the rest on a 3-year auto loan.Thank you for reading my questions.Also, I plan to go back to my current lender for the refinance b/c they don't charge early pay-off penalty.

[Ugly]

Okay, first of all, you don't list your assets / income / etc, so we can't say what's better for you. Perhaps a 15yr mortgage would require too much payment per month. What's the int. rate on the 15yr mortgage? etc etc not enough details.Also, if you're planning on buying another car, etc, perhaps it's just better to stay at the 30yr. Sounds like your family is growing, and you don't know quite what your expenditures will be for the next 20 years (nor is the career certain). I say, personally, wait wait wait. Don't stretch yourself too thin and have to resort to selling crack to feed your kids. Selling crack sucks.But really though, we need more info to tell you if it's a good idea or not. Also, down-payment, etc, and all that info will come straight from the people you apply for the refinance with. We won't know; heck, they won't even know until the back-end has looked at it and created for you an offer.