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Bought my house 7 months ago and have $40k in equity can I refi to get rid of MIP?

by hk67j143 from Gypsum, Colorado. 17 days ago Reply


James Crowder (JamesCrowder)
#60 ranked lender in Colorado - 30 contributions

Happy to help if I can. Since you used the term MIP, I am assuming that you have an FHA mortgage. If so, you cannot get rid of the MIP regardless of the equity in your home while you have that loan, You can refinance to a conventional mortgage and will not be required to have PMI (Private Mortgage Insurance) if the new loan is less than 80% of the current value of your home.Please call me should you want more information:Jim Crowder(303)817-3308 Cell

17 days ago
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,109 contributions

It will depend on how much you owe and how much your property is worth. With conventional, there are some additional options of buying out of mortgage insurance or doing a 1st and HELOC to get your 1st mortgage loan balance down enough. However, it will depend on what you loan program you can qualify for based on your application, credit, income, debts and equity. The pre-approval process is pretty quick if would like to review and see what options are available to you. You can reach me at 303-521-7169 by text/call. Sean Young

17 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,553 contributions

Can you? Probably. Does it make sense? Maybe. There are so many variables. What type of loan do you have now, how did you get that equity? Do you get a deal and rehab the house? I'd suggest contacting a local mortgage broker in your area to discuss your individual situation to see if it is possible to put you into a better loan today. For this situation in WI, MN, or SD, visit me at www.WI-MortgageBroker.com

17 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,000 contributions

More info needed, but in general, you need to be at 80% loan to value to eliminate MIP.. so long as you value is high enough.. then you should be ok.. There will be closing costs associated with a refinance, so you need to weigh whether or not refinancing now is worth the cost to eliminate MIP.. Call a local mortgage pro and let him put together a loan analysis showing you when your "Break Even" would occur. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

17 days ago
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