Let's talk a bit about FHA loans today. A viewer of ours is looking to refinance their FHA loan to a conventional loan. Home values went up so much that they have enough equity to remove their private mortgage insurance. Congrats! A lot of people are in that position right now.
Verify my mortgage eligibility (Jul 7th, 2022)
This is why it drives us nuts when people look down on FHA loans. With those loans, people can get into a property while only putting 3.5% down. After a bit, they have the equity to remove the PMI and still be in a great spot.
If you're hesitant to use FHA, keep in mind that your home's value will appreciate. You might not get the equity overnight, but you'll eventually be in a position to remove the PMI.Verify my mortgage eligibility (Jul 7th, 2022)
If you have any questions about this topic, feel free to call or email us. We would love to chat.Show me today's rates (Jul 7th, 2022)