Use your new-found equity to discontinue your FHA mortgage insurance. Refinance into a new loan that does not require mortgage insurance of any kind, and do it immediately. For instance, if you purchased your home for $200,000 with an FHA loan, and the home is now worth $250,000, there’s a good chance you can remove your FHA mortgage.
How To Cancel Your FHA Mortgage insurance premiums (MIP) – Remove your FHA Mortgage Insurance. We will go over a few scenarios on how it is possible to cancel your FHA mortgage insurance premium once and for all. FHA Mortgage Loans Closed after December 31, 2000 and before June 3, 2013. FHA annual mortgage insurance premiums (those are the ones you pay monthly on your loan) are automatically canceled once:
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HUD.gov / U.S. Department of Housing and Urban Development (HUD) – If the periodic (monthly) mortgage insurance premiums are paid up for an FHA case before schedule (i.e., accelerated payments were made and the unpaid principal balance is 78% or less), the month and year the last monthly insurance premium is assessed (final bill date) can be changed by the servicer or holder of the mortgage.
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What Do You Need to Qualify for a Mortgage? – These large loans take. need to pay private mortgage insurance (PMI). You’ll have to pay PMI until you owe only 80% of what the home is worth. If you want to ditch your PMI at this point, you’ll.
What Is Private Mortgage Insurance And Why Do You Need It? – However, if you bought your house after 2013 with an FHA loan, removal is not possible at all. You will be required to keep the PMI on your loan for the lifetime of your loan. You can refinance your.
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FHA loans with terms of 15 years or less qualify for reduced MIP, as low as 0.45% annually. In addition, there is anfor FHA loans equal to 1.75.
Each time you refinance on an FHA loan, the clock resets. So you would be eligible to remove MIP, assuming you had reached 78% LTV, in January 2018. You can look at refinancing into a conventional loan to stop paying mortgage insurance right now, but with your rate being where it’s at, I’m not sure that makes a lot of sense for you.
Everything You Need to Know About PMI on FHA Mortgages – But if you can use either refinancing strategy to turn your FHA mortgage into a conventional mortgage with no PMI or lower PMI, you can eliminate your FHA mortgage and the PMI that it will charge.