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Should I Refinance - Please Help!
Posted on 3/31/09 at 11:09 am
Posted on 3/31/09 at 11:09 am
Morning All,
I have an FHA 5.5% mortgage, and I'm trying to figure out if I should refinance.
I'm trying to get rid of PMI by going to a traditional mortgage. I'm pretty positive that I can get the house appraised for 20% above the sale value (or is it remaining mortgage?).
FHA mortgage doesn't allow you to eliminate PMI unless you pay off 20% of the principal, and I'm not even close to that.
Any suggestions or whatever are greatly appreciated!
2
Posted on 3/31/09 at 11:11 am to Mandocello
So your house has massively appreciated?
Posted on 3/31/09 at 11:18 am to Mandocello
I believe FHA requires MIP to be on for 5 years and then you have to have 78% LTV.....you need to calculate how much closing cost would be as opposed to how many years of paying mip to get to 78%
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