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how long must we pay for FHA MIP Insurance- 14 years been here-interest mortgage rate @6.25%

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January 24 - Paramount
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Gloria if you've had your loan for 14 year then you have been eligible to have it removed for nearly 9 years. But because you have such a high interest rate it would actually be wiser for you to just go ahead and refinance the loan, remove the mortgage insurance and obtain a lower interest rate. Possibly even consider a 15 year loan.

But just so you are aware of how FHA mortgage insurance works I am providing you with a few bullet points. When it comes to mortgage insurance and FHA, for borrowers who took out their loans prior to June 4th 2013 they posses the ability to have it removed after 60 months, just as long as they posses 22% equity in the home. For those who took out FHA financing after June 3rd 2013, they're actually required to keep mortgage insurance for the life of the loan. For those borrowers refinancing is key.                                                                                                                                                                                                           And for those borrowers who cannot have the MI removed it is always wise to consider your refinancing options. And for those folks who would need to refinance all you need to do is posses at least 10% equity in you home to remove the MI. Again once you have reached 10% equity in the home you are eligible. There are no time frame restrictions or limitations that require you to keep your current loan any longer than it take to qualify for the now.                                                                                                                                                                            If you have any questions or would like my assistance in qualifying please feel free to contact me through Zillow or my website. Thank you and good luck!          
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May 11
Gloria, that is a very high interest rate in today's market and a very long time to have paid MIP. Your original loan documents would have shown when the MIP was set to drop off. At this point however, you should definitely contact a lender not just to remove the MIP, but to significantly reduce your interest rate! If you have been in your loan for 14 years, you should have a significant amount of equity and options available to you. I can help navigate you easily through the options and process and show you several options. All of my contact information is on my profile.
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January 29
That's a very high interest rate. It may be worthwhile to speak with a local loan officer to see if you could refinance into a conventional loan.
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January 29
The bottom line question is how much do you presently owe and how much is your home worth now?  

If you have at least 20% equity, you should be able to qualify for a Conventional loan without any mortgage insurance and at a lower rate than your current loan.  However, even if you have less than 20%, a Conventional loan with lower mortgage insurance rates and a lower interest rate is probably in your best interests.  

Is there a particular reason you have not explored a refinance yet?
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January 24
It can depend when you started your loan. I would recommend that you try to refinance into a conventional and out of an FHA. You can probably obtain a better rate and you can also try to get rid of the PMI with the refinancing. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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January 24
Hi Gloria,

At the time, mortgage insurance was collected throughout the term of the loan on FHA mortgages.  As Justin mentioned, if you are still in a loan at 6.25%, you may want to talk to a lender to look into refinancing options.  You may be able to refinance out of MIP and reduce term of loan so you will not add any additional years to your mortgage.

Feel free to reach out directly via my profile if you have any questions.

Best,

Bryan   
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January 24
No reason for you to be at 6.25%, regardless of your loan. Talk to a well reviewed Loan Officer and look into refinancing. Look at a 10 and a 15 year term. Your payment may very well decrease or stay the same and you will get your home paid off sooner. 
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January 24
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You should inquire with a local Loan Officer if you can refinance out of the FHA and into a conventional mortgage with little or no PMI
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January 24
If your home purchase was before Dec 31, 2000 then it will continue through the term of the loan.

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January 24
 
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