refinancing fha loan to remove pmi

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We make it easy to refinance and remove mortgage insurance for eligible borrowers. Whether you have a conventional, FHA, VA, or USDA loan, we may be able to help you eliminate your mortgage insurance by refinancing into a new home loan.

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Check today's refinance loan rates and see if you can cancel your FHA. There are two methods of removing your FHA mortgage insurance,

Private mortgage insurance is expensive, but you can't remove it until. get rid of FHA insurance by refinancing into a non-FHA-insured loan.

FHA loans with terms of 15 years or less qualify for reduced MIP, as low as 0.45% annually. In addition, there is an upfront mortgage insurance premium (UFMIP) required for FHA loans equal to 1.75.

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.

Most people can’t afford a 20% down payment, so paying PMI is common. That’s why Quicken Loans provides options to help clients with conventional loans – including the YOURgage – reduce or eliminate their PMI payments. If your goal is to get the lowest monthly mortgage payment possible, our PMI Advantage program could be right for you.

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An FHA loan sounded like a good idea at the time. Now, not so much. That’s what many FHA home buyers are saying. The reason: high mortgage insurance.

– The FHA Cash-Out Refinance loan is a tool a homeowner can use to refinance the home and take cash back on the transaction. What does the FHA home loan rulebook, HUD 4000.1, have to say about these loans compared to other FHA refinance options?

Government Refinance Assistance – Contact us to look into refinancing away from FHA into a Fannie/Freddie loan with no PMI. If you have a conventional loan – You should be able to remove PMI now if you already have 20% equity. If you are happy with your current interest rate contact your current lender to get a new appraisal and remove PMI.