How to get rid of fha mortgage insurance without refinancing

Q: How can I kick my PMI off?

Well cover all that and show you four ways to kick PMI to the curb..

Q: How long do you pay PMI?

After youve bought the home, you can typically request to stop paying PMI once youve reached 20% equity in your home. PMI is often canceled automatically once youve reached 22% equity. PMI only applies to conventional loans. Other types of loans often include their own types of mortgage insurance.

Table of Contents Show

How can I kick my PMI off?
How long do you pay PMI?
What are the disadvantages of a FHA loan?
How is MIP refund calculated?

How can I kick my PMI off?

We'll cover all that and show you four ways to kick PMI to the curb..

Pay Down Your Mortgage to Have PMI Removed Automatically. ... .

Request a PMI Cancellation. ... .

Get an Appraisal. ... .

Refinance Your Loan to Get Rid of PMI..

How long do you pay PMI?

After you've bought the home, you can typically request to stop paying PMI once you've reached 20% equity in your home. PMI is often canceled automatically once you've reached 22% equity. PMI only applies to conventional loans. Other types of loans often include their own types of mortgage insurance.

What are the disadvantages of a FHA loan?

Here are some FHA home loan disadvantages:.

An extra cost – an upfront mortgage insurance premium (MIP) of 2.25% of the loan's value. ... .

Home price qualifying maximums are set by FHA..

Interest rates are higher than with conventional loans (based on relaxed borrower eligibility requirements).

How is MIP refund calculated?

Multiply your original upfront MIP amount by the eligible refund percentage to determine your total refund amount. For example, if your original MIP amount was $2,500 on a loan that closed 10 months ago, then your eligible refund percentage is 62%. Your MIP refund amount is $1,550 ($2,500 x 0.62).