Reply
Community Leader
Senior Contributor
Posts: 4,819
Registered: ‎03-06-2010
0

Re: Want to refinance my FHA loan so I can stop paying PMI. CAN IT BE DONE AFTER 6MONTHS?


tooleman694 wrote:

680 middle score, and you will need to pay the LPMI up front or they cant raise your rate a little.


A little clarification here:  LPMI = Lender Paid Mortgage Insurance
How the lender gets the funds to pay the mortgage insurance is to bump up your rate a little bit. "A little bit" depends upon your specific lender. Ask them to do the comparison in writing for you.
So do the math to see what you will save.



Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.