Much of the time, however, you need to refinance to get rid of it, particularly if your first mortgage is an fha loan.. depending on your current rate and PMI payment, refinancing is likely to save you money in the short. Use our mortgage calculator to see if you can save money on your monthly payments.
FHA MIP Chart shows the mortgage insurance fee required for FHA loans. How you can drop/avoid PMI and check FHA mortgage insurance premiums.
Should I refinance and convert my FHA loan to conventional so I can get rid of MIP (PMI)? Asked by CPbronco, Orange, CA Thu Mar 7, 2013. I purchased last September for 360k, under an FHA loan. i know I am paying MIP, but what I didn’t realize is that unlike PMI, I must pay it for a total of 5 years.
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Refinancing to get rid of PMI (and get a lower rate)? Asked by Mj, Phoenix, AZ Thu Dec 22, 2011. In Oct 2009 I bought a house for $126,500 with a 5% rate on my FHA mortgage. I had less than 20% to put down so I had to pay the MIP up front and I now pay $50 a month for PMI.
If you got your loan after June, 2013, you may still be able to get rid of your MI-but you would do so by refinancing into a conventional loan. You may discover that the rate on a new conventional loan is a bit higher than what you have now, but without the costly burden of mortgage insurance. What you should do now
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When Can I Stop Paying Mortgage Insurance? How To Get Rid of PMI – Find out when you can stop paying mortgage insurance & learn how to terminate. refinancing your home, making extra payments towards your loan. *NOTE: Not all FHA mortgages will remove mortgage insurance at 78%.
When Can My FHA MIP Be Cancelled – Best Mortgage Rate, Low. – When Can My FHA MIP Be Cancelled. by Debbie in Post Falls, Idaho and Linda T. in Picayune, MS Ask Kate how soon your FHA mortgage insurance premiums can be cancelled: When Debbie bought her home, she put down 10% and applied for FHA financing. She was excited to learn from her real estate agent that she could soon get rid of the mortgage insurance premiums for the price of a new appraisal.