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I have a FHA loan and I would like to get rid of PMI it looks like I have it for the remaining of my loan which is 30 years
I want to refiance
asked Aug 23 in Refinancing by anonymous

1 Answer

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It sounds like you must have gotten your FHA loan fairly recently if it has lifetime mortgage insurance. Which means today's mortgage rates may not be lower than the rate you have. However, mortgage insurance is expensive, and home values have increased a great deal in many areas. You may have enough equity to refinance and dump your insurance, or at least get a non-government loan with cheaper mortgage insurance that will eventually drop off.

There are several ways to estimate your home value. This article covers them. https://themortgagereports.com/22633/whats-my-house-worth-4-ways-to-find-out

Then, contact several lenders and see who is willing to give you the best refinance, including costs, interest and (if needed) mortgage insurance. That is easy to do right here at The Mortgage Reports. Good luck and thank you for your question.
answered Sep 10 by GinaPogol (44,900 points)
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