Profile picture for marthahelen65

should my my house payment be lower if pmi is cancel or should i get refund have a fha loan

  • March 15 2014 - Dayton
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Answers (3)

If you are looking to get rid of your PMI to make your monthly payments lower, that is possible. You should look into a refinance in order to help you. You could do a conventional refinance that could get you out of PMI and possibly lower your monthly payments. You would need to speak with a loan officer and weigh out your options. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on refinancing. If you need additional assistance, feel free to reach out. Good luck!
  • March 17 2014
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Profile picture for Dan Tabit
Martha,
J. D. Dan may not be correct.  PMI has become permanent on FHA loans originated in the past few months, I'm not sure of the exact date. 
PMI on conventional loans and FHA originated prior to the recent change can be petitioned and removed when you reach the LTV required by the type of loan you have. 
Assuming you are paying a monthly amount, your payment will be reduced.  I'm not aware of pre-paid PMI being refunded or returned, but a current mortgage lender may know the answer.
LTV's need to be at least 78% or lower and in some cases 75% based on an objective finding, usually an appraisal. 
Contact your loan servicer to find out what you can and for the most reliable answer.
  • March 15 2014
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The only way put of PMI is to get it refinanced.   PMI is now in place for the life of the loan.
  • March 15 2014
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