How soon should I refinance to get rid of MIP?

Hi Jimmy, if you can qualify for a conventional loan and you think your loan to value would be 80% loan to value you can refi anytime. Depending on your initial down payment you may or may not be there yet. However it might be possible to lower your MI even if you are not at 80%. I'm in Avon and would be happy to discuss your situation. Call me at 970-748-0342 Also a new appraisal would have to be done, which may or may not agree with your valuation (could be higher or lower) Chris Neuswanger

Hi Jinny! In order to remove the mortgage insurance, you need to have at least 20% equity. Right now, based on your numbers, you only have 5.71% equity. I would watch the market and when you feel there is sufficient equity, then we can take a closer look. I work the Colorado area and I know values keep going up. Call me at 307-267-0687 if you have any questions. Brenda Sanders @ PRMG

There is no minimum time before you can refinance. Even if your home does not appraise for enough to completely eliminate the requirement for Private Mortgage Insurance, you may still find it to be a better deal for you to refinance with a new conventional mortgage and pay PMI. What is the interest rate on your current mortgage?Jim Crowder(303)817-3308

To eliminate your MI, you need to finance 80% of the value or less.. right now you are at about 93%.. Each month when you make a payment, your balance goes down.. and as each month passes, your property increases in value.. once you hit 80% LTV, you can refinance into a conventional loan.. I'm a preferred Lender with Arizona and California being my primary markets. 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 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Hey Jinny - Also keep in mind that in order to eliminate monthly PMI (or MIP in the case of FHA) payments from your situation, you would need to be able to qualify for a CONVENTIONAL loan. Normally there is a reason why someone would use FHA financing in the first place such as; lower credit scores, a past major event like a bankruptcy or foreclosure, or perhaps an income challenge. It's important to very with an experienced loan professional not only when the HOME might qualify, but also when YOU would qualify for Conventional financing. Just another point I thought I would bring to the table for consideration. Thanks for the question!

Hey there :) I have to say that I strongly agree with what David Youngs said. It's possible that at the time you purchased, your 2016 income was not yet able to be used for qualification (since the year hadn't ended yet) and your debt ratio was too high for Conventional financing at that time. If that was the case, if your 2016 income is higher, you'll possibly have a lower debt ratio and be able to obtain Conventional financing. Subsequently, if before your purchase your credit score was lower than it is now, refinancing out of your FHA loan into a Conventional loan might also be possible. If you chose an FHA 3.5% down payment loan instead of a Conventional 3% or 5% down payment loan, it is likely only because of either a higher debt ratio or lower credit score. Otherwise, you just had poor loan options in the beginning and didn't realize there were low down payment Conventional loans because the FHA loan limit and the Conventional High Balance limit for Eagle county last year were both $625,500. I'm in Parker and would be happy to go over all of this in person if you'd like to come in and chat about it. www.stewartfinancialserviceslp.com