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Debt Relief – Insolvency – Bankruptcy Information » Mortgage Refinancing » can i get rid of my pmi mortgage insurance by refinancing?

can i get rid of my pmi mortgage insurance by refinancing?

i just purchased a home with 3.5% down and have a fha mortgage. i have only had the mortgage for one month and my property appraised for double of what my mortgage is. can i refinance in order to get rid of my pmi, since my value is greater than 20%? if not any suggestions how i can get rid of my pmi?


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5 Responses to "can i get rid of my pmi mortgage insurance by refinancing?"

  1. someone says:
    No read your mortgage contract. Most state you cannot refinance for 3 yrs
  2. Glenn S says:
    Someone doesn’t have a clue… can refi any government insured loan, including FHA any time you want.

    Yes you can refi with a new conventional loan if you have at least 20% down and lose PMI.

  3. Mortgage Guy says:
    Yes! There are some lenders that will require you own the home for 12 months before you can use the appraised value. I know that US Bank will do a rate and term refinance after 90 days.
    You will also get a refund of some of the PMI you paid when you took out the FHA Loan.
  4. njsm2010 says:
    Some states do require you to own your home for a limited time first – I believe NJ is 2 years (but atleast 12 months). So check what it is in your state. Also, if you dont need to live in the home, why don’t you just sell the home for double the value if you can and not worry about it? Then use the proceeds to buy another one without PMI.

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