So I called and talked with my mortgage company yesterday. My loan is an FHA loan. Any loan after June of 2013 says you can not get rid of PMI with an FHA loan. The only way is to refinance. My current interest rate is 3.375%. If I were to refinance and get a new rate of 4.5-5%. I would actually pay more. They said wait for the interest rates to go back down. Then refinance. 6 months-a year

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Posted by StringedInstruments

Member since Oct 2013

18454 posts

Posted on 3/21/18 at 7:24 am to tiger10lsu

quote:
So I called and talked with my mortgage company yesterday. My loan is an FHA loan. Any loan after June of 2013 says you can not get rid of PMI with an FHA loan. The only way is to refinance. My current interest rate is 3.375%. If I were to refinance and get a new rate of 4.5-5%. I would actually pay more. They said wait for the interest rates to go back down. Then refinance. 6 months-a year

Yeah and this is why I asked my questions earlier (which were subsequently downvoted for whatever reason). I was worried that with the little amount you've paid off that it was a post-2013 FHA loan. Sucks but those rules changed.

Something else that sucks is that there's indication that rates will not be going down any time soon. Some fears that they'll go up.

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Posted by Broken Ear Glen

Baton Roog

Member since Mar 2010

1320 posts

Posted on 3/21/18 at 11:16 am to tiger10lsu

quote:
So I called and talked with my mortgage company yesterday. My loan is an FHA loan. Any loan after June of 2013 says you can not get rid of PMI with an FHA loan. The only way is to refinance. My current interest rate is 3.375%. If I were to refinance and get a new rate of 4.5-5%. I would actually pay more. They said wait for the interest rates to go back down. Then refinance. 6 months-a year

Stopping by to say this is unfortunately true no matter how bad it sucks. FHA loans now have life-of-loan PMI.

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Posted by TDFreak