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Looking to refinance from a 30 year FHA to a 15 year conventional.

Started my loan in 2011 for $168,500 and my current balance is $150k. The property is valued at $175k I'm trying to get away from my PMI and am interested in a 15 year conventional. Any advice? by aaronk7967 from Winston Salem, North Carolina. Sep 22nd 2017 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

currently, you are at about 85% Loan to Value (LTV). to remove MI.. you need to be at 80% or lower.. But if you refinance into a 15 year loan, at 85% LTV, then with really good credit, the MI payment is only $21.25 per month.. and once you have paid for 2 years (21.75 x 24=$510), you can call your lender and ask them to remove the MI.. so long as your equity position is 20% or more (it should be, since you are on a 15 yr loan).. then the lender will remove the MI and you wont have to refinance to do it.. 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 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Sep 22nd 2017
Steven Jackson (
#83 ranked lender in North Carolina - 2 contributions

Aaron,I am a wholesale account executive serving North and South Carolina. I do not originate loans. You will indeed need a 20% equity position which means you can bring cash to a loan amount of approximately $140,00 (80% loan to value). The MI is much less on a conforming loan than an FHA loan. So, you might have substantial savings and you can drop the conforming MI on your new loan once you have paid down the loan to 80% balance versus value of the home.Our company has excellent rates and it is able to offer our brokers great value so that they can in turn help borrowers like you. Our lending partners can offer you excellent service and top tier rates. If you would like to me to refer you to someone close to review your situation, please call me at (510) 274-9570.

Sep 25th 2017
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