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All Forum Posts by: Ben Franco, Jr.

Ben Franco, Jr. has started 4 posts and replied 12 times.

Real Estate Deal Analysis & Advice

Post: Should I refinance out of FHA to get rid of PMI?

Ben Franco, Jr.Posted
  • Corona, CA
  • Posts 12
  • Votes 3

Thanks for the quick reply. Even though the pmi will be removed when I hit 78% LTV in 2-4 years @ 3.3%. you think my savings are going to be greater with the 3.75% in addition to the loan costs on the life of the loan?

0 Votes
Real Estate Deal Analysis & Advice

Post: Should I refinance out of FHA to get rid of PMI?

Ben Franco, Jr.Posted
  • Corona, CA
  • Posts 12
  • Votes 3

So I am at a crossroads right now and would like some feedback. Currently, my FHA rate is 3.375% with a MI (mortgage insurance) of $305/monthly. I owe $264k and I purchased the property for $296k in 2013. My loan officer is recommending I refinance now to a conventional loan at 3.75% and remove my MI since it would appraise at $365K. My FHA loan was originated pre June 2013 so the MI is not permanent.

Should I keep my low interest rate and keep sending extra payments to the principle to eliminate the mortgage insurance after 5 years or follow my loan officers advise? 

0 Votes