Senior Mortgage Consultant
For loan terms of 15 years or shorter the calculation is .70% MI if over 90% LTV for the life of the loan and .45% MI if under 90% LTV for 11 years. For loans endorsed after 06/01/09.
For loans endorsed before 06/01/09 for terms of 15 years and less under 78% LTV the is no MI and over 78% - 90% LTV monthly MI is .35%. For loans over 90% LTV the monthly MI is .60%.
The first thing you need to find out was when your loan was endorsed by the FHA.
With the Streamline refinance the FHA will have the value of your home so there is no appraisal needed, but that value is what will be used to calculate the LTV.
There are a lot of different factors to consider when calculating the mortgage insurance so your best bet is to call a mortgage planner.
I have a Lender who may be able to Re-Fi you without needing to pay PMI. Get in touch with me if interested, I can then email her info to you!
TC, Nina Daruwalla