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FHA Mortgage Insurance, time to have it removed
Now is the time to explore options to remove your FHA mortgage insurance before your opportunity is gone. The is no question that we have seen increased home values here in California over the last 12 to 18 months. Now is the time to explore your options to eliminate your monthly FHA mortgage insurance.
The FHA home loan program helped you purchased the home with very little down payment and not a strong credit score. With the increase of equity in your home, this may be the time to explore the option to refinance into a Conventional loan before the equity disappears on you on the coming months. You do not want to miss an opportunity to remove the mortgage insurance.
It seems every year that the mortgage insurance is on the top to be remove as a tax deductible fee to right off on your taxes. Do check with your tax preparer for current laws on how to properly complete and file your taxes. You can eliminate all doubt can you or can you not write off mortgage insurance by refinancing into a Conventional type home loan program.
I know you are probably receiving (to many to count) solicitations in the mail to remove your FHA mortgage insurance. I see the value as well as other mortgage companies do here in California that you may the required equity to refinance into a home loan that does not require MI.
Removing mortgage insurance can save you thousands of dollars over the life of the loan with a refinance. You need to explore this option right away before the rates increase and before the equity you once had is now gone. Does not hurt to speak with someone like my self here in Rancho Cucamonga, CA to present you with refinance options that fir your budget and goals.
Those homeowners who purchased a home unitizing the FHA home loan program and the case number issued by HUD was established on or after June 3rd 2013, you need to act on something right away because if you put less than 10% down on the home, your FHA mortgage insurance will remain through the life of the loan.
The only way to remove the MI is to refinance out the FHA loan and into a new loan. There is no more, once you reach 80% loan to value (what the value is today and the loan balance) your mortgage insurance will drop off, you must refinance out of the current loan. That means a new underwrite and a new appraisal in order to move forward with a conventional loan program.
The time is now to move forward with a refinance before the opportunity is gone and may not be back for some time. Do not beat your head against the wall for not even trying. If you are unable to refinance now and least we can advise on what you on the proper steps on what to do to at least get in the position to refinance 30 to 90 days when it comes to credit.
Call me 909-503-5600 right away and lets discuss your plans to remove the monthly FHA mortgage insurance and start saving.
How Can I Remove My FHA Monthly Mortgage Insurance Now
by Nathan Rufty
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