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OK Mortgage Ins. I pay now $108.00 per mt. I want to refinance and i was told i'd have to pay the

new rate of $ 276.09..... I thought u could keep your old rate....I bought the house may 9,2009.... thks u by smirno_148_711 from Orlando, Florida. Apr 11th 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,414 contributions

The lower MI rate applies to FHA loans that were endorsed by FHA prior to May 31, 2009.. if you bought your home on the 9th, it's likely that your loan was not endorsed by the May 31st deadline.. so if you refinance, you would be subject to the higher MI rates.. but you might want to look at a conventional loan as well. it's possible you can refinance and if you have to pay MI, it would be much lower than FHA.. 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. 480-287-5714 WilliamAcres.com

Apr 11th 2013
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Correa Insua (Correa)
#174 ranked lender in Florida - 9 contributions

You can keep old rate if you qualify for a harp or streamline refi...call me I can help you 863-698-4962

Apr 11th 2013
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Correa Insua (Correa)
#174 ranked lender in Florida - 9 contributions

you can keep your old rate if you qualify for a streamline or harp refi

Apr 11th 2013
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Sharon Duffy (sduffy)
#72 ranked lender in Pennsylvania - 595 contributions

I would need more information but, your loan would've had to be endorsed by 5/31/2009. If not, then the new adjustments would apply. However depending on your rate, you may still have a substantial savings. Please give me a callSharon732 606 6264

Apr 11th 2013
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Barclay Butler (Barclay)
#85 ranked lender in Illinois - 70 contributions

You may be able to qualify for the HARP program. It depends on who owns your mtg. It also depends on when either fannie or freddie bought you loan. It has to be before 05/31/2009 to qualify for a HARP loan. I can check all of this info for you. Please call or email me Barclay Butler 224-420-9990, bbutler@barclaybutlerfinancial.com.

Apr 11th 2013
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Edgar DeJesus (EdgarDeJesus)
#196 ranked lender in Florida - 10 contributions

Depending on who owns your mortgage you might be able to qualify for a Harp refinance. Our free home loan report will outline for you whether or not you can qualify as well as the short and long term benefits. I'm available for you. My phone number is (813) 299-8962. Feel free to visit our website www.thedejesusgroup.com

Apr 11th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,238 contributions

Call us we can do a Streamline for you to keep the old MI rate if qualified! Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation. Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com We are also proud Homes for Heroes affiliates!

Apr 11th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

Most likely if they are saying that it is because FHA is registering it after June 1st, 2009. Even though you closed before that sometimes it takes 2 months for FHA to insure it.

Apr 11th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

If you are in a convnerional loan with PMI and the loan quoalifies for HARP you can refi and maitain the same rate on the PMI. If you are in an FHA loan you will be subject to the new mortgage insurance rate.

Apr 11th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Endorsement date is the important factor.

Apr 11th 2013
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Kenneth Kopper (KenKopper)
#19 ranked lender in Maryland - 542 contributions

Smirno, have you looked into refinancing the property out of FHA and into conventional conforming product? Please feel free to contact me if you would like to discuss your loan scenario in greater detail.

Apr 11th 2013
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Kiernan Brown (KiernanBrown)
#51 ranked lender in Michigan - 149 contributions

If your are being told you need to pay the new higher FHA MI, it is because your loan closed in May 2009, but it was not endorsed by FHA until after 05/31/2009. If you have been in your home since 2009 you may qualify for a better MI rate with a conventional loan. With a Fico Score of 680+ many lenders can refinance you with a lower MI factor on a Conventional Loan than the FHA loan. Many of my clients are refinancing out of their FHA loans because of the higher MI and having closed after 05/2009. Godd Luck and I hope I have helped.

Apr 11th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,232 contributions

You need to pick a good lender to work with and evaluate the options available to you based on the amount of equity you have in the property (if any), whether it qualifies for FHA streamline, whether there are better options for you through a conventional loan (which will require 3-5% equity in the property based on a new appraisal), your credit and other debts as compared to your income. It is possible to refinance on a conventional loan with a score as low as 620 (even if PMI is required) but that option has to be compared to FHA to see what works better for you.

Apr 11th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,232 contributions

PS, if you reply, I suggest you answer on this page instead of creating another question.

Apr 11th 2013
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Craig Prickett (cpmtgnow)
#159 ranked lender in Florida - 97 contributions

If Harp and you dont miss cut off date then you can keep your old pmi rate.. I can shop your pmi rate and see if I have a less expensive pmi option. Call me if you would like to have me shop it for a lower rate on pmi. I can be reached at 954 558 4430 Thanks Craig Prickett

Apr 11th 2013
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Jason Gonzalez (purchaseflorida)
#190 ranked lender in Florida - 27 contributions

Good afternoon Smirno_148_711,From the vast difference in mortgage insurance premiums, I would assume you are in an FHA loan, of which I am also assuming was around $225-250,000 or so? Well, if it is indeed an FHA loan, then the previous respondents are correct, you would have to have your loan ENDORSED (not originated or closed) before May 31, 2009 in order to avoid the higher MI premiums. In a lot of cases, the loans weren't getting endorsed for a month or two after closing back then, which appears may be the case in your instance. So, if I were you I would double-check with another lender or at least ask for a printout showing when your FHA loan was endorsed (or I'm sure you could probably get the case # from your mortgage or note and call FHA yourself to find out). If it was after May 31, 2009 then you'd have to pay the higher premium to refi. However at that loan amount, if you are reducing your rate by over 1.25% and have low enough taxes and insurance, it could make a lot of sense for you still. I hope that helps and best of luck to you!

Apr 11th 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

FHA Streamline might work

Apr 11th 2013
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