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Government Refinance Assistance – When can I drop my FHA pmi?: Within the first five years of having an FHA loan the only way to get rid of PMI is to refinance to a conventional mortgage. And that only will work if the you have built up more than 20% equity. If lack 20% equity you would still need mortgage insurance with a conventional loan.
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.
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If you have a newer FHA loan. If you have a loan where you can’t drop the MI, you should look into refinancing into a conventional loan. Although your fha note rate may be lower than today’s conventional loans, you have to take the permanent mortgage insurance into account.
can i get an fha loan for a second home Can you get a second FHA loan? | Yahoo Answers – fha mortgage loans are not only for first time home buyers. There are a few scenarios in which you may apply for and be approved for another fha mortgage loan. #1. If you sell your first house and pay the balance of your current fha mortgage loan, during the sale transaction. #2.
Refinance and get rid of your FHA mortgage insurance premiums. Refinance to Get Rid of FHA MIP – Eliminate FHA Mortgage Insurance Refinancing your mortgage to eliminate your FHA mortgage insurance can save you a lot of money (both on your monthly payment and long-term over the life of the loan).
How to Get Rid of PMI | GOBankingRates – Related: Don’t Buy a Home Without Learning These Major Money-Saving Tips How to Get Rid of PMI. Options for getting rid of PMI include the following: Paying a higher down payment; Getting a higher-rate loan; Getting an FHA loan
FHA Mortgage – When should I refinance? When can I get rid of. – I am in the process of refinancing my FHA mortgage (via the FHA Streamline) that I originally took out in 2010 at 4.75% with PMI. I could remove PMI in a few more moths but thy would only save me $45/mo, the refinance is going to lower my rate to 3.375 but will require me to keep PMI however even so I’m lowering my payment just over $100.
Government Refinance Assistance – If you are in an FHA or USDA loan now you normally need to refinance to a conventional Fannie/Freddie loan to get rid of PMI. If you have a conventional loan now and have more than 20% equity, a refinance often is your best bet if you’d like to improve your interest rate or get cash out in addition to removing PMI.
