Articles Comments

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?

RELATED POSTS:

  1. Insurance Information : About AARP Life insurance & Mortgage Refinancing The AARP offers life insurance and mortgage refinancing over their Web site for senior citizens. AARP life insurance will...

  2. Is Upfront Mortgage Insurance paid at a mortgage refinancing deductible from income taxes? I am pretty sure it is deductible when you a buying a home; just want to know if it is...

  3. Would refinancing my mortgage affect my title or current title insurance? I’d like to take advantage of the low interest rates but, unfortunately, I’m also involved in litigation with a neighbor...

  4. How does a refinancing loan work on an FHA mortgage? I have an FHA loan for $25,000……House is worth much more, especially after the repairs we did. House sold at...

  5. Can a person on the title but not the mortgage stop me from refinancing? I have a loan contract with a person on the title (individual property grant deed) in which the contract for...

Written by

Filed under: Mortgage Refinancing · Tags: , ,

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…..you 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.

Leave a Reply

Connect with Facebook

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Not finding what you're looking for?
Do a custom search of our entire site:

Get Adobe Flash player