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Message
Getting Rid of PMI on FHA Loan
Posted on 1/14/19 at 1:35 pm
Posted on 1/14/19 at 1:35 pm
Is it possible even when owning 20% of the home?
All I've seen when researching is to refinance to a conventional loan to get rid of it. Then my current rate of 3.375% will likely go closer to 5%.
So I don't really see any benefit to it.
Am I missing something?
Thanks
All I've seen when researching is to refinance to a conventional loan to get rid of it. Then my current rate of 3.375% will likely go closer to 5%.
So I don't really see any benefit to it.
Am I missing something?
Thanks
4
Posted on 1/14/19 at 1:40 pm to tiger10lsu
The rule changed a few years back, now you have to wait a while (10 years?) and must have put a certain per of down-payment (can't remember) to get rid of Pmi. Otherwise it's for the life of the loan...unless you
Just make sure you do the math for your situation and see which one comes out ahead, including closing costs. But yeah that's a huge interest rate spread.
quote:
refinance to a conventional loan to get rid of it.
Just make sure you do the math for your situation and see which one comes out ahead, including closing costs. But yeah that's a huge interest rate spread.
Posted on 1/14/19 at 1:50 pm to tiger10lsu
When you go FHA it isn't called PMI, it's called MIP (confusing right?).
Anyway, MIP is for the life of the loan and does not change based on your equity in the home. That's why most people try to go conventional.
Anyway, MIP is for the life of the loan and does not change based on your equity in the home. That's why most people try to go conventional.
Posted on 1/14/19 at 1:54 pm to tiger10lsu
I got rid of mine at the 5 year mark on a FHA loan. Like some have said there have been some changes since I got my loan in 2012.
Posted on 1/15/19 at 7:33 am to tiger10lsu
Rates are north of 5% now, if your in the 3’s may be cheaper to pay it vs converting to conventional loan.
Edit : MIP for life of FHA was implemented under Obama, not Trump
Edit : MIP for life of FHA was implemented under Obama, not Trump
This post was edited on 1/15/19 at 7:34 am
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