I currently have an FHA loan now and want to know if it better to switch to conventional now that the value of my home is higher?

if you have sufficient equity, then it would be advantageous for you to switch.. even if you don't' have 20% equity, the mortgage insurance charged on conventional loans is a bargain compared to FHA, and with conventional, once you reach 80% LTV (determined by an appraisal), and you have paid the MI for 24 months, you can petition to have it removed.. For most FHA loans, the MI is for the life of the 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. 480-287-5714 WilliamAcres.com

There are a lot of factors to answer this question. Older FHA loans MIP falls off over time so you should determine how long the mortgage insurance will be in place, compare your current rate to today's market rates, and compare how much interest your currently paying on your mortgage payment vs. the new loan. Secondly use a mortgage calculator to help you look at your current amortization schedule to determine which type of conventional term is best for you. Lastly check the your breakeven period between cost to close your loan compared to savings. We have a lot of helpful calculators on our site. Call me if you need help analyzing the results.

Yes it is always better now to refinance to a Conventional loan and get out from under the high FHA mortgage insurance rates. Also to lock in a lower conventional rate now before they go up. Give me a call and we can go over your options. 888-320-7888 - www.MortgagesforAmerica.org - Ken Burrows

Allow the numbers to make your decision. Compare your existing loan, side by side with various refinance options. The one with the largest savings is the winner.I would be happy to provide that information.Bill Ladewig, bill@yourFHAguru.com

Typically it does make sense...though doing a cost to benefit analysis will provide you the answer. I can provide that for you do that you can make a decision that best fits your needs. Feel free to contact met to secure a no obligation analysis.877-369-4319.

Refi to a conventional loan as long as you have 20% equity and reduce your payment. Even though the conventional rate may be higher - your tax deduction will be higher too!Call or email me for a no-drama benefit analysis. bryan.horn@fremontbank.com510-972-8375

It will be a good option to switch your FHA loan to a conventional loan provided you have equity in the property and you will be able to pay a down payment of 20%. Unless you have the required down payment, you will be liable for the private mortgage insurance which will make your loan costly. Moreover, you should have a credit score of 700-720 at least in order to get the loan refinance.