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Refi advice

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Established Contributor

Refi advice

I bought a home this year FHA at 3.75%. The PMI is really hurting at $250/month, never decreasing life of the loan. I should have 10% equity.

Is there any conventional program out there that can help with this PMI without taking it back in interest? (though you can deduct the interest but not the PMI... doesn't make a lot of sense to me.) My scores are between 700-740. Thanks.
Message 1 of 4
3 REPLIES 3
Established Contributor

Re: Refi advice

Looks like they will be extending that PMI deduction. Woohoo. Though I won't be able to claim it if I have to file separately from my wife for her student loans :/
Message 2 of 4
Super Contributor

Re: Refi advice

with those scores.... you rate will be higher for conventional.... but pmi should be much lower.

 

might be worth crunching the numbers.

 

Retired Lender
Message 3 of 4
Valued Member

Re: Refi advice

I was in the same situation, although the rate and MI on my FHA were lower... Just closed yesterday on a conventional refi, and even though the rate went up, my overall payment dropped by just over $120/month. It really just came down to prioritizing the out-of-pocket savings over the rate I'm paying...
10/17/14 FAKO Scores:
EQ: 796 | EX: 798 | TU: 727

Up from mid-500s years ago.
Message 4 of 4
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