Refinance - Mortgagefit

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Refinance

infoccmrx

Posted on: 17th Sep, 2010 08:55 am

i own my house 1yr 9months i have a fha loan and would like to cancel my pmi and refinance but i was told by my mortgage lender which is wellfargo that i cannot get rid of my pmi until i have paid 5yr of mortgage. is there anyway to get my pmi cancel

Total Reply : 2

If the loan to value is below 80%, you can refiancne and not have to pay for PMI.

infoccmrx

Posted on: 18th Sep, 2010 07:54 pm

Unless you refinance and your loan is under 80% LTV, you will have to continue paying PMI. FHA requires you pay PMI for the first 5 years.

tfaulhaber1

Posted on: 21st Sep, 2010 11:08 am

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