What determines if I can do a cash out refinance for my FHA loan while lowering my rate and getting rid of mortgage insurance?
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What determines if I can do a cash out refinance for my FHA loan while lowering my rate and getting rid of mortgage insurance?
Question: I currently have equity in my primary residence and would like…
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Question:
I currently have equity in my primary residence and would like to refinance it into a lower rate while taking cash out and possibly even removing my mortgage insurance. My current mortgage is an FHA loan and I would like to refinance as soon as possible.
How will I know or what factors would dictate if I can do a cash out refinance for my FHA loan and lower the rate and possibly get rid of mortgage insurance?
Answer:
You may be able to refinance out of your FHA loan into a conventional loan. And assuming you have at least 20% equity, you would be able to get rid of the private mortgage insurance. Depending on your credit score and other factors, you may be able to lower your rate, but when you pull cash out on a conventional loan, there is an interest rate adjustment that increases the rates. So you’ll want to talk to your loan officer about your situation.
PS Check out our simple eval process where you can choose whether you want to: get real rates specific for your scenario (beware of teaser rates!), see how much home you can afford, get pre-approved, or quickly submit your contact info so we can get back in touch.