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Author: admin | Category: Calculatrice Pret Auto | Date: 25.05.2015

Check today’s refinance loan rates and see if you can cancel your FHA mortgage insurance. You can request cancellation of your FHA mortgage insurance when you meet certain requirements. Your loan balance is at or below 78% of the last FHA appraised value, usually the original purchase price. If you bought a house with an FHA loan some years back, you may be eligible to cancel your FHA PMI today.
While a low balance is a sure-fire way to cancel FHA mortgage insurance, it can take a while to get there.
Once you hit the magical 78% loan-to-value ratio, you can potentially start saving hundreds per month, and keep your existing FHA loan and interest rate intact. Cancelling FHA mortgage insurance is also possible by refinancing into a conventional loan. Conventional private mortgage insurance, or PMI, has to be paid for just two years, then is cancellable. When your new conventional loan balance reaches 78% of the home’s value, you can cancel conventional PMI.
If your home has about 20% equity based on today’s value, you can cancel your FHA mortgage insurance using a conventional refinance, often within 30 days, and you can start here today by completing a short online form. 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 insurance now. When you’re buying a home, you’re mainly focused on getting into a place where you can set down roots and build a solid future. But now that you’re settled in, it’s time to think about getting rid of FHA mortgage insurance. Don’t delay. Even if you’re not able to cancel your mortgage insurance now, make a plan for how you’re going to do it.
It’s possible to keep a similar rate or even drop your rate when you refinance out of FHA.


Tim Lucas (NMLS #118763), Editor Tim Lucas is a licensed loan officer with over 12 years of experience as a loan originator, processor, and team manager. Please contact our support if you are suspicious of any fraudulent activities or have any questions. We can offer this because when investors issue loans through independent mortgage companies such as ourselves, they eliminate overhead costs such as advertising, buildings, etc. When you start cutting interest rates and add in the fact that mortgages can run anywhere from 15 to 30 years, you’re talking about tens of thousands of dollars in savings when shopping through a wholesale lender.
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In fact, someone with a $250,000 FHA loan can expect to pay about $30,000 in mortgage insurance premiums. On a 30-year fixed FHA loan, it will take you about ten years to pay your loan down to 78% of the original purchase price.
With a refinance, you can use your home’s current appraised value rather than the original purchase price.
Converting your FHA mortgage insurance to conventional PMI is a great strategy to reduce your overall cost.
Some lenders and servicers will even let you cancel when you reach 80% of your home’s current value. Compare that with a minimum of five years for FHA, and a maximum of 30 years if your FHA loan was opened after June 3, 2013.
Some areas of the country like Phoenix and Las Vegas have seen 20% to 30% appreciation over the past few years.
In some cases you can be qualified for a loan at up to 100% of your home’s current value. These high monthly costs could and should be going into savings, a child’s college fund, or toward loan principal.


Homeowners who want to eliminate their FHA mortgage insurance should check rates and lock in a refinance before rates rise. We do not directly offer mortgages, accept applications or approve loans but we work with partners who do. If you would like to find out more information about your benefits, please visit the Official US Government website for the Department of Veteran Affairs or the US Department of Housing and Urban Development. Neither the service provider nor the domain owner maintain any relationship with the advertisers. Fortunately, you have access to our wholesale lending  model, which enables us to offer better interest rates and costs than national competitors. Their incentive is to get you the best deal and close your transaction in a way that generates more referrals.
If you’re not quite there, continue making payments for a few more years, or make a one-time principal payment. And it can be the only way to do it if you opened your FHA loan on or after June 3, 2013, when FHA mortgage insurance became non-cancellable.
Conventional PMI is usually much cheaper than FHA mortgage insurance, and you can cancel it much more easily.
We are not affiliated with the US Government, US Armed Forces or Department of Veteran Affairs.
In case of trademark issues please contact the domain owner directly (contact information can be found in whois). Refinance into a new loan that does not require mortgage insurance of any kind, and do it immediately. US Government agencies have not reviewed this information and this site is not connected with any government agency.



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