Profile picture for majid mafi

how do I get rid of MIP ? can I get an other loan to cover the 17% from an other bank wthout equity

I wlould like to get a loan to pay the 17% to avoid paying for the monthly MIP. Please advise if you have a solution I have a fair credit history and a verry good income. Thank you.but do not have equity in this home. I just got this new home last year , May 2013.
  • February 12 2014 - Dover
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Answers (6)

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That will not work, even if you had equity or borrowed against a 401K and paid the loan down 17% the monthly MI will be charged for a minimum of 5 years. 
  • February 12 2014
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NEWS BULLETIN.. MIP Now lasts for the entire life of the loan.

Not for this poster's FHA loan.
  • February 13 2014
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NEWS BULLETIN.. MIP Now lasts for the entire life of the loan.  The only thing is to refinance and get rid of that present loan.
  • February 13 2014
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The 5 year window is the minimum. If you look at the docs you received at Closing ( schedule of payments ) you will see the monthly MI is charged for about 9-10 years if you make regular payments. If you want to get it removed at 5 years it will take a significant principal reduction to get the balance to 78%. I am not sure if you can remove your name but I think you can change it to something else.   
  • February 12 2014
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Profile picture for majid mafi
Thank you for your unswer I will try that and let you know the result. Can I delete my name from this page? you  are also my choice of best answer. 
  • February 12 2014
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Profile picture for GMerino

Have you gained any equity in your home?  From what you have informed us you have an FHA home loan; best thing to do is refinance your loan to a conventional loan and see if you could do a lender paid mi loan.  Inquire to see if it is worth the cost and see if you will save money from doing so. 

  • February 12 2014
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