If you have had an FHA mortgage loan for a year or more, and are tired of paying its expensive mortgage insurance (MI), perhaps you should consider refinancing now. Believe it or not, your home may have a high enough fair market value (FMV) to eliminate MI once and for all, even after just one year from when your FHA loan was originated!

Because of the exceptional increases in California home values since the beginning of 2013, it may now be possible to refinance out of your FHA loan into a conventional and never pay non-tax deductible MI again! I have helped many, many clients do this, saving them hundreds of dollars monthly.

One in particular had purchased his home in December of 2012 with a 3.5% down payment FHA loan, so his home's loan-to-value ratio (LTV) was 96.5%. In December of 2013, just 12 short months later, it was exactly 80% because of the dramatic increase in his home's FMV. This is precisely where it needed to be to eliminate his MI by refinancing into a conventional loan.

However, minimizing the cost of refinancing into one requires thorough, in-depth knowledge of how FHA loans work. Done incorrectly, it can easily cost you $1,000 to $2,000 more than it should!

In order for this not to occur, it is imperative that a FHA borrower work with a loan officer who knows "The Only Way Out!" There is just one way to avoid the excessive cost of terminating a FHA loan, along with its MI, when refinancing into a conventional one.

If you want to explore this possibility, I will gladly discuss it with you. For this to happen, you need only click on my picture to view my contact information, and reach out to me 7 days a week.

I will be able to tell you in a brief conversation if it appears likely that your FHA loan can be closed and the MI terminated by refinancing, as well as the secret for minimizing the cost when doing so. Why continue to pay MI if you don't have to?