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re: UPDATE Contacted today about refinancing my home from my Mortgage Company
Posted on 3/29/15 at 8:21 pm to burgeman
Posted on 3/29/15 at 8:21 pm to burgeman
When did you originally finance? Was it before the PMI change to life of the loan?
IIRC correctly the change was in April 2013. If you don't plan on being in your home for a long period, it would not matter.
IIRC correctly the change was in April 2013. If you don't plan on being in your home for a long period, it would not matter.
1
Posted on 3/30/15 at 12:38 am to Blakely Bimbo
I wouldn't look into refinancing to FHA from FHA. You should ask him what he offers for a 95% LTV conventional. If your house appraises for $181,000 then you can get into that. Your PMI can drop down to .52 (FHA is .85)depending on credit score. You will also pay a another 1.75% MIP that is rolled into your loan. Your interest rate will be 3.875/4%, however your APR will be lower. FHA MI is for the life of loan, while conventional PMI may only be in place a few more years and you can request it be removed
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