Asked by CPbronco, Orange, CA • Thu Mar 7, 2013
I purchased last September for 360k, under an FHA loan. i know I am paying MIP, but what I didn't realize is that unlike PMI, I must pay it for a total of 5 years. I am wondering if it is convenient for me to refinance to a conventional loan so I can get rid of the PMI sooner? Would I have to pay the PMI for a total of 2 new years or as soon as the equity goes up 20%? I am doing some major remodeling and with the market slowly rising I am hoping I'll be at that 20% mark. My interest rate is 3.5%
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