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How soon can i refinance?

I purchased a home in March. Since I didn't have a large down-payment, I am paying mortgage insurance, and I wondered how long do I need to wait before refinancing to hopefully eliminate that payment? by shellie041698 from North Las Vegas, Nevada. Jul 7th 2015 Reply


Nathan Kessler (nathan.kessler@guaranteedrate.com)
#44 ranked lender in Nevada - 73 contributions

You will need to wait until you have enough equity in the property to at least have 20% to refinance your home, or if it is conventional and you get to 78% loan to value you can request it be removed from your lender. If it is an FHA 30 year mortgage, the only way to get out from under Mortgage Insurance is to refinance to a conventional mortgage. If you have questions, feel free to call anytime. Nathan Kessler City First Mortgage Services 702-522-6745.

Jul 7th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Once you have 20% equity, you can refinance immediately and you wont be required to pay MI, but you would be subject to the interest rates at the time you apply, plus you would have to pay closing costs. however, if you wait a minimum of 24 payments, and if at that point you have 20% equity or more, then you can ask your lender to remove the MI, and so long as the property appraises (at your expense), they will do it, and you wont have to refinance to remove it.. This is the preferred way to go about it since you get to keep your low interest rate from March and you wont have to pay closing costs again later just to remove MI.. your only expense is the cost of an appraisal, which is around $400. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jul 7th 2015
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Jason Bennett (jbennett)
#104 ranked lender in Pennsylvania - 70 contributions

I personally purchased a home in march as well. If you have an fha loan you can refinance into a conventional mortgage now. if you have equity that is great, but do not have to have 20% equity to refinance. PMI is tiered on conventional loans, unlike fha which requires PMI for life of the loan. So if you have 10% equity now, you can refinance a lower pmi rate then current fha Mi and be able to have the PMI removed in years to follow. FHA does not allow you to drop PMI ever during the course of your loan if you have an FHA loan. If you have a conventional loan, VA, USDA loan...most likely you are better staying put for now. If you have an fha loan and looking to refi, mortgage is in Pennsylvania. my contact is: Jbennett@riverviewbankpa.com

Jul 9th 2015
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