So I'm currently in year 6 of a 30 year FHA mortgage on my house (1st house). I obviously pay PMI each month. Was only a 150k loan and we had to go FHA because we didn't have much in the form of a down payment at the time.
We still owe about 125k on the loan. Rate is 3.25%, so pretty good compared to current rates. But are we stuck paying PMI forever? Would it make any sense to refinance into a non FHA loan to get out from PMI? I'm not in a financial position to pay much more a month on PITI than my current monthly payment, but I was wondering if I had an option that would actually lower my monthly payments.
We may only be in this house 5 to 7 more years, if that paints a clearer picture on our situation. I'm sick of seeing the $150+ a month going to PMI, but I recognize that I have a better rate than I could currently get today.
We still owe about 125k on the loan. Rate is 3.25%, so pretty good compared to current rates. But are we stuck paying PMI forever? Would it make any sense to refinance into a non FHA loan to get out from PMI? I'm not in a financial position to pay much more a month on PITI than my current monthly payment, but I was wondering if I had an option that would actually lower my monthly payments.
We may only be in this house 5 to 7 more years, if that paints a clearer picture on our situation. I'm sick of seeing the $150+ a month going to PMI, but I recognize that I have a better rate than I could currently get today.