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Posts: 6,867
Registered: ‎03-06-2010

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.

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