Financing in 20152>Question Details

Panda, Home Buyer in Chantilly, VA

I want to refinance from FHA(taken in 2011) to Conventional(pay down LTV to 78%) to avoid PMI. Will i get any refund from upfront MPI.?

Asked by Panda, Chantilly, VA Sun May 22, 2011

I think refinancing charges are worth when compared to monthly PMI. Any thoughts. Thanks.

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Nick,

Thanks for the back up. And good point on looking at all options including not paying down the loan but getting MI over 80%. Now you have some options from which to choose.
0 votes Thank Flag Link Sun May 22, 2011
I second what Brent said. But, you should refinance.

We can refinance you into a single loan without monthly PMI that will very likely save you money over your current situation up to 95% LTV, so you will want to weigh the options of paying it down to 80% vs. keeping your LTV where it is. Let me know if I can run any scenarios for you.
Web Reference: http://www.nickhomeloan.com
0 votes Thank Flag Link Sun May 22, 2011
Panda,

You have two questions. The first question is will you get a refund of the UFMIP when going from FHA to conventional. The answer is NO. Not since dec 2004 really. Not sure if others arent reading the question right because this is as easy as it gets. The second question is tougher to answer. We need to know more about your situation to give an accurate rate quote. Most important is your credit. You only have to hit 80% not 78% BTW. Hope this helps and please feel free to email or call if you have more questions.
0 votes Thank Flag Link Sun May 22, 2011
Feel free to contact me on Monday so I can gather some information on your current mortgage and I will give you an estimate on what the refund would be as well as a quote on a new Conventional loan.

Elliott R. Oliva
Mortgage Banker
NMLS #353884
Envoy Mortgage, LTD NMLS #6666
7700 Old Georgetown Road Suite 550
Bethesda, MD 20814
202.681.1636 direct
202.330.5460 fax
eoliva@envoymortgage.com
0 votes Thank Flag Link Sun May 22, 2011
Most of the time you get a refund for the PMI when you pay a jumbo upfront premium (and don't pay the pmi monthly). If you are paying it monthly it is unlikely that they will refund the premiums. If you want more info or to get a quote for the refi contact Valerie Hall (my wife) at Embrace Home Loans (703) 309-2005 Vhall@embracehomeloans.com She can give you all of the answers.
0 votes Thank Flag Link Sun May 22, 2011
I feel yes but not 100% sure, there might be some time limit before you may do it, Please check with Joe so you know the answer for sure.
Joe Lucas
Senior Loan Officer
NMLS #257388
Mclean Mortgage Corporation
571 308 4009 (M)
703 738 0961 (F)
jlucas@mcleanlending.com


Best,
Monika
703 626 3327
Web Reference: http://www.realtygeeks.com
0 votes Thank Flag Link Sun May 22, 2011
there are many companies which underwrite PMI. you would have to contact your carrier. you also may be able to ask your Title Company; they were working for YOU when you bought the house and they want your buisness and referrals, and I have found that they are usually very nice people without an axe to grind. They may have that info.
0 votes Thank Flag Link Sun May 22, 2011
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