How To Cancel FHA Mortgage Insurance (MIP / PMI)

– What’s up, guys? Austin Schneider here, and today, we’re gonna talk about how you can cancel that FHA mortgage insurance. So in 2013, private mortgage
insurance became permanent for most new FHA loans, but there is a way to get out of it now. You refinance. So there’s no restrictions on
how soon you can refinance. Home values are rising, so
you might even be eligible for a conventional loan with
no private mortgage insurance. You’ll pay the closing costs, so check how it’ll long for
you to make that money back or you can roll that
money into the new loan so you’re not paying
anything out of pocket. Many homeowners saving hundreds per month without paying this
private mortgage insurance, and you can, too, and it’s
not just for FHA loans. If you have USDA loans, as well, you are eligible for the refinance. If you have 20% or more equity
pent up into your house, you should be seeing if
there’s a better loan out there for you anyway. For more on this topic,
for more about refinancing, click the link in our description, and we’ll see ya on the next video. Thanks for watching. (upbeat music)

Paul Whisler

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