Posted on: 18th Jun, 2011 01:16 pm
The home I bought in 2008 with only 5 % down is with an FHA
Now that rates are so much lower I can lock at 4.375 with my bank .
However mortgage insurance laws have changed with FHA so instead of a MI of $98 per month its moving up to $222 which is almost the entire savings of the reduced interest rate.
Would a conventional be better? How hard is it to refi from a FHA to conventional
Now that rates are so much lower I can lock at 4.375 with my bank .
However mortgage insurance laws have changed with FHA so instead of a MI of $98 per month its moving up to $222 which is almost the entire savings of the reduced interest rate.
Would a conventional be better? How hard is it to refi from a FHA to conventional
you haven't given us any indication of your equity in the property. mi requirements have changed throughout the industry, not just with fha and not just with conventional. in order to obtain mi on a refinance, you'll have to have pretty decent equity (not less than 10%, certainly) along with an excellent credit score. less than excellent is likely to knock you out of the mi category, and that'll require substantially more equity - such as 20%.