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Message
re: Getting rid of mortgage insurance- Updated with answer
Posted on 3/21/18 at 11:16 am to tiger10lsu
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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