Refinance guide refinance to remove FHA mortgage insurance

Refinance guide refinance to remove FHA mortgage insurance

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Refinance to Remove FHA Mortgage Insurance: What It Is and When It Makes Sense FHA loans require mortgage insurance premiums (MIP) to protect the lender — an upfront fee (UFMIP) paid at closing and an annual MIP collected monthly. Removing FHA mortgage insurance typically means refinancing the FHA loan into a conventional loan that doesn’t…

Refinance guide FHA to conventional refinance to drop MIP

Refinance guide FHA to conventional refinance to drop MIP

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What an FHA-to-Conventional Refinance Is — and When It Makes Sense An FHA-to-conventional refinance replaces your existing FHA-insured mortgage with a conventional (non-government) mortgage. Homeowners commonly pursue this strategy to eliminate FHA mortgage insurance premiums (MIP), which can be costly and, in many FHA loans originated after 2013, remain in place for the life of…