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PMI insurance

if my 5 years of PMI is due in May of 2014, would my loan still be grandfathered in because I bought my home before June 1, 2009
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May 16 2013 - Columbia
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Hi Saul3,  Are you talking about an FHA mortgage that closed before June 09?  If so, a refinance to a 30 year loan would mean an up front mortgage insurance premium of .01% (yep, not a typo)  and a monthly mortgage insurance factor of .55%.   You would be starting over with your 5 year minimum AND 78% of the value, but most likely at a MUCH lower rate than what you may have currently. 

A refinance to a 15 year loan make be a good option.  The MI goes away at 78% with no 5 year minimum.

Depending on the loan to value, it may make sense to look at a conventional refinance.

Hope this helps!   Warm Regards,
Maryland Mortgage Mama
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May 16 2013
Sounds like you might have an FHA loan. If you do then you should consider a streamline refinance. It doesn't require an appraisal and the current rate is arouund 3.25%. Contact me for information.
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May 16 2013
Are you referring to FHA's stance on MMI or are you talking about Conventional PMI? If you are talking about PMI, there's no 5 years rule. If your home has equity, then you can do a rate and term refi and eliminate the PMI if the property has 20% equity or you can do a buyout of the PMI and wrap that cost in the loan up to 95% or do LPMI (lender paid MI). If I have not answered your question please feel free to contact me direct.

Best of Luck!
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May 16 2013
 
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