· REFINANCE YOUR mortgage insurance: (fha AND CONVENTIONAL) Another way to remove your mortgage insurance is to refinance your mortgage. Assuming you can still keep a rate lower than the combined rate of your current mortgage and mortgage insurance factor it may make financial to refinance your mortgage.
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The FHA has a program that streamlines loan refinancing if you already have an FHA loan. The good news here is that you don’t need to have an appraisal, and there are fewer hoops to jump through. FHA streamline refinancing can even occur if you have negative equity.
Or you have a Federal Housing Administration (FHA) loan and want to refinance so you can cancel the monthly mortgage insurance premium. Or perhaps you got divorced and want to refinance to remove one person’s name from the mortgage. Whatever your reason, have a goal in mind before starting the refinancing process.
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You can refinance your current mortgage with one of our many loan options, and you can feel confident in your refinancing decisions with step-by-step guidance from an experienced Chase Home Lending Advisor. Ready to refinance your mortgage? Call 1-866-489-5484, Find a Chase Home Lending Advisor or
Refinance out of FHA Loans to Remove PMI. You cannot simply get rid of mortgage insurance on an FHA mortgage. To stop paying PMI on an FHA loan you will need to refinance into a conventional mortgage. If you have paid down the loan to 78% of the value of the home you can refinance into a conventional mortgage without having to pay PMI.
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Benefits of FHA Loans: Low Down Payments and Less strict credit score requirements. Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. For FHA loans, down payment of 3.5 percent is required for maximum financing.
Loans insured by the Federal Housing Administration are often called FHA loans and they allow you to refinance even in dire straits. The FHA has a program that streamlines loan refinancing if you already have an FHA loan. The good news here is that you don’t need to have an appraisal, and there are fewer hoops to jump through.
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