I need to refinance because the interest will go up in 5 years from now. The interest rate I am getting is a little higher than what I have now, but it's better to refinance. The principle balance is $210,200 and the house value at $313,000. I have a problem with the mortgage insurance. I don't think I should have to pay for insurance when my house has $100,000 in equity.
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Best Expert Answer
What kind of mortgage do you have and what year did the loan close?
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FHA guidelines require that the Annual Mortgage Insurance Premium be applied to all FHA financed homes, regardless of down payment. The fees are lower for more down payment. The MIP cannot be removed for at least 11 years or the the term of the loan.
How much do you pay each month in mortgage insurance (it's usually on your escrow disclosures from closing or the yearly ones they send you)? Are you also on an Adjustable Rate Mortgage? Do you want to pay closing costs out of pocket or add to the loan amount?
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