All Forum Posts by: Ben Franco, Jr.
Ben Franco, Jr. has started 4 posts and replied 12 times.
Post: Should I refinance out of FHA to get rid of PMI?
- 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?
Post: Should I refinance out of FHA to get rid of PMI?
- 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?