How to cancel FHA MIP or conventional PMI mortgage insurance
Maybe you do not know that... How do I cancel my FHA MIP? Despite what you’ve heard, FHA MIP is not permanent. Some homeowners can simply let their mortgage insurance fall off; others need to refinance out of it. With mortgage rates still low, and home values rising, many are choosing to do the latter. Homeowners are saving hundreds per month, even when they take on a higher rate. Getting rid of FHA MIP is a big deal. Ready to start? You can check your eligibility for a new, PMI-free mortgage via a refinance. How long does FHA MIP last? FHA loans fall into two categories: those with case numbers issued by June 3, 2013, and applications dated after that. FHA MIP cancellation depends on this classification because that’s when FHA rules changed. →FHA loans for which you completed an application after June 3, 2013 Loan Term Original Down Payment MIP Duration 20, 25, 30 years Less than 10% Life of loan 20, 25, 30 years More than 10% 11 yea...