On most loans, you actually have to have the ability, as the buyer, to get rid of PMI. This right came as a result of the Homeowner’s Protection Act which was passed into law back in 1998.
How Refinance Works. Piggyback loans return, opening door to refinancing – One possibility, discussed in my article of last week, is to refinance a mortgage carrying mortgage insurance into one that doesn’t require. While new piggybacks disappeared for some years after. How To Get Your FHA PMI Refund, NC Mortgage Experts – Learn the ins and outs of how to get fha pmi refunded, you may have.
For loans with a closing date prior to January 1, 2001, no refund is due to you after the end of the 7th yr. loans closed on or after January 1, 2001, no refund is due the you after the 5th yr, you said you were paying in feb 03 right? The process is pretty technical. But if you go to the hud site, search for "refund alerts, fha or pmi" refunds.
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On FHA loans, lenders must cancel your mortgage insurance when you have 22 percent equity in your home. You may get a refund on your upfront FHA mortgage insurance payment if you did not default.
For any FHA-insured loans with a closing date prior to January 1, 2001, and endorsed before December 8, 2004, no refund is due the homeowner after the end of the seventh year of insurance. For any FHA-insured loans closed on or after January 1, 2001 and endorsed before December 8, 2004, no refund is due the homeowner after the fifth year of.
If you are eligible for an FHA loan up front mortgage insurance premium, you should get an application form (or sometimes the refund itself) within 45 days after your loan has been paid in full. If you don’t receive the application or payment, call your loan officer to make sure a mortgage insurance termination request has been filed.
If you refinance that loan, you could be eligible for a FHA PMI Refinance refund of that "extra". When doing an FHA to FHA refinance, your refund will be applied to the upfront mortgage insurance premium on the new loan. MIP refunds are available for an FHA streamline refinance after the 7-month waiting period required for these loans.