FHA mortgage insurance can last for the life of the loan.
With less than 10% down, it doesn’t drop off on its own.
With less than 10% down, FHA mortgage insurance can last for the life of the loan.
Mortgage insurance compared
Conventional
None at 20% equity, and it can be removed later.
FHA
Annual premium, often for the life of the loan.
A conventional loan needs no mortgage insurance at 20% equity.
You may be ready if
- Your credit has improved
- You have about 20% equity
- Your payments have been on time
You may be ready if your credit has improved and you have more equity.
Compare the full payment.
Look at the rate plus mortgage insurance, not the rate alone.
Compare the full payment, including mortgage insurance.
ZERO Closing Costs
Your refinance comes with ZERO Closing Costs. On FHA and conventional loans.
