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refi turnaround from fha to get rid of mortgage insurance ?

I'm so close to the 80% mark and don't want to pay fha mortgage insurance for another month if I don't have to. how quick can a refi be done? I would have initiated sooner but recently did some credit repair and officially feel i'm in good FICO territory! by br00der7846603 from Gapland, Maryland. Nov 10th 2014 Reply


My company can have you closed in 2 weeks! Give me a call. 301-751-3305. Teresa Hardin NMLS # 847388

Nov 10th 2014
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Chris Gummerson (cgummerson11)
#363 ranked lender in California - 648 contributions

If all goes well and your appraisal is good, then most lenders can close loans under 30 days. If everyone involved is fast, it can be done in 2-3 weeks. Good luck!

Nov 10th 2014
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Brian Allen (ballen)
#43 ranked lender in Maryland - 189 contributions

FHA loan need to know more the loan originated prior to June 2013 and you have had the loan for 5 years or more? Is your rate above 4.875% if yes to all then you will refinance and if you stay with FHA you will get an appraisal to confirm your equity position. Can also consider conventional if credit is acceptable. If you have a rate below 4.875% you can call your servicer and request MI removal will have to get appraisal also to confirm. Have any questions and wish to proceed with refinancing I'm local and can be reached at 301-685-6676 or if long distance 800-485-1387 Ext 116 or email ballen@bankofengland1.com

Nov 11th 2014
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#29 ranked lender in New York - 2,236 contributions

To get the best products and rates you should plan on 3 to 4 weeks for a refinance.

Nov 11th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,788 contributions

Typically, under 30 days or less, but each loan is different, and there are many things that can cause a delay.. Also, be cautious of those stating shorter times.. that's typically a hook some dishonest lenders use to get people to call them first.. There are mandatory waiting periods that have to pass for certain steps throughout the process on a refinance transaction and appraisals can take up to two weeks to complete which would further delay things.. 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

Nov 12th 2014
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,106 contributions

Typical closing time is 3 to 4 weeks, however a lot of that depends on you and how quickly you provide information and respond to additional requests. If you close to the 80% mark you should look at refinancing into a conventional loan. Talk with a local loan officer and have them review your current situation and provide you options so you can see what direction would best fit your needs. Best wishes, Sean

Nov 12th 2014
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