Not forever. They will continue until your LTV (loan to value) ratio reaches 78%. However, your required to at least make 60 monthly payments. Depending on your down payment and any extra principal payments you make, they could be gone in 5 years. If you only put 3% down and only make your standard monthly payment then they could stretch out to 10-11 years. Some lenders will allow you to finance/prepay the MIP upfront at closing. It's generally 1.75% of the loan amount if you choose to go this route.
quote:i imagine this will depend on costs to refinance. i have the older type FHA as well. the rate is so low, i don't think it would benefit me to refinance to current rates. my current thinking is if values in my neighborhood continue to go up, i will refi. into a 15yr conventional (assuming rates don't skyrocket in the next few years). that is pretty wishful thinking tho. i will probably pay mortgage insurance until i move out of this house.
If I only plan to stay in house 7 years or so, should I even bother trying to refinance
f I only plan to stay in house 7 years or so, should I even bother trying to refinance