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Updated almost 7 years ago on . Most recent reply

User Stats

34
Posts
5
Votes
Kristen Chapin
  • Port Orchard, WA
5
Votes |
34
Posts

Mortgages/Refi/FHA/Conventional- What's best?

Kristen Chapin
  • Port Orchard, WA
Posted

I have a condo in South Carolina that I got a mortgage in 2011 (ish) for $125K. It was sold to Wells Fargo and a 5% interest rate. (FHA loan). I called today and paid off $8K which took the PMI off the loan. I now owe about $98K.

Should I refinance this to a conventional loan or leave it now that the PMI is off?

My financial goal with this property is to pay the mortgage payment and use any rental income off this property and my other property to pay this loan down as fast as possible. 

Any suggestions on best steps to achieve these goals?

I am not sure paying off the PMI was the best decision and would love some advice!

Thanks in advance!

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