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re: Dilemma in trying to get rid of PMI while searching for a new home
Posted on 3/20/19 at 12:42 pm to Tiger Prawn
Posted on 3/20/19 at 12:42 pm to Tiger Prawn
3.375 rate makes no sense in doing a refi right now.
Your FHA PMI which is really labeled MIP is a yearly premium you pay factoring your loan balance and premium rate paid out over 12 months. This means the FHA MIP you are paying is going down slightly each year because your loan balance is going down.
Your FHA PMI which is really labeled MIP is a yearly premium you pay factoring your loan balance and premium rate paid out over 12 months. This means the FHA MIP you are paying is going down slightly each year because your loan balance is going down.
1
Posted on 3/20/19 at 12:44 pm to HYDRebs
Also, in the slight chance you did put 10% more down on your FHA loan the MIP does go away in the 11th year. Otherwise you are correct it is for the life of the loan.
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