I am closing on a FHA owner occupied next week. I have mortgage insurance of $80 a month. That cuts into my cash flow. How do I get rid of that expense?
I had to refi to get rid of mortgage insurance after my property increased in value.
The only option with my existing lender/mortgage at that time was to pay down the mortgage to a specified amount. They wouldn't entertain market increase in property value as a reason to adjust LTV.
I would ask your lender what their conditions are. Good luck.
Refi out into something with less than 80% LTV. If you put down less than 10% MIP is for the life of the loan, period. If you put down 10% or more, 11 years til MIP goes away.
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