advice for mortgage insurance - how to get rid of it

Depending on when your FHA loan was initiated, it could be removed or it might be there for the life of the loan.. Loans initiated prior to June 3, 2013 can have the MI removed once the borrower has made 60 payments and the LOAN BALANCE is 78% or lower than the original appraised value. I emphasize Loan Balance because removing FHA's MI is not based on it's current value but rather the appraised value at the time the loan was initiated.. If your loan was imitated after June 3, 2013, then most likely, your MI is for the life of the loan and the only way to remove it would be to refinance into a conventional loan. 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

Hi Ryan, William gave you pretty complete information here. It also depends on the length of the term you are currently on. We're a broker in Florida and I would love to take a look at your situation and quote you some options. Feel free to reach out. David Ortega - Satori Mortgage - 954-900-9788 - dortega@satorimortgage.com - www.SatoriMortgage.com

William said it all.

Ryan,Williams answer is spot on regarding actual removal of MI on FHA loans. With that said, given the market is as hot as it is here in Florida, the value of your home is probably much more than what you originally purchased it for. After only 6 months of ownership, you can actual restructure your loan into a conventional loan removing the mortgage insurance premiums all together. In regards to your worries about paying more interest in the long run, I will do a complete financial breakdown of your current loan and the amount of payments you would currently make compared to a couple different term options you could qualify for and allow you to make an educated decision as to what is right for you. Feel free to contact me to go over your options. It does not cost you a dime to investigate your options. Joshua Lerette - Sales Manager - Carrington Mortgage Services - 727-488-7355 - Joshua.Lerette@Carringtonms.com