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Should I refinance to conventional

Hi,I refinanced back in May 2012 fha 2.75, $285,849.00 with current P+I is $1939 with MIP being $110. Since that time my house value (bought at 300k) has increased by atleast 10% and i am looking to drop MIP and move to a 15 year (10 year or 7/1) conventional loan if it is beneficial. Please advice. thanks
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August 12 2013 - Charlotte
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Answers (5)

I would agree with the others.  It is hard to make the math make sense for you.  In regards to dropping the MIP based on the current market value of the property, with an FHA loan you will find at the current point you are at in the loan you will likely be unable to get them to do that.
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August 12 2013
Your monthly MI is going to fall off in about 24 more payments and the rate is excellent so no reason or benefit to refinancing. 
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August 12 2013
You currently have a great monthly MIP. Lower than what is available for current FHA loans. Plus, you have a very good rate at 2.75%. Since you can potentially drop MIP in less than 4 years, you will want to evaluated this very carefully. Based on what you posted, you currently have a 15 year FHA mortgage. If you moved to a Conventional loan, it's doubtful that you would find such a great rate as current. My knee-jerk is to keep what you have. If you wanted to look at Conventional options (perhaps the 10 yr), worst case scenario you will have paid for the cost of an appraisal (ordered through your lender of choice). If the value doesn't come in where you need it to be, then stay put with what you have. Looking at options side-by-side is a good thing since you are on the edge of benefiting.
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August 12 2013
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can my lender drop MIP due to increase in market price?
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August 12 2013
Best thing to do is get a loan comparison side by side of all three products along with what you currently have.  Knowing that you have a great rate and rates have gone up you are probably better off with what you currently have, I know MIP is one thing but going into a higher rate is another.
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August 12 2013
 
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