PMI for the entirety of my loan

[Lowry Coe]

Hello,

I bought my first home about four years ago in my early twenties. At the time I was even greener than I am now and I’m still pretty darn green.

I didn't put 20% down and was forced to put PMI on my loan. I understood this and was okay with it at the time. I thought that I would be able to refinance once I got to a certain amount of equity and remove the PMI.

Fast forward to the present. Wells Fargo tells me that my PMI is for the entirety of the loan and there is no way to remove it. Which sucks because I'm still making $50/month on the home and without the PMI I'll be making a few hundred.

What are my options to remove this PMI? Can I get a loan through a different bank and pay off my current loan?

Any ideas are welcome and thank you for the advice.

[Will Fraser]

@Lowry Coe, Hey dude, I'm going to start with the meat and save the potatoes for later.  You've got to wage war in your mind first and foremost, because everything else gets lighter and easier with the right mindset.

Nobody forced you to buy that house (I assume). You could have rented, you could have owner financed, you could have lived in a van down by the river, but you chose to buy that house and put less than 20% down on it using a FHA loan. So, that's what happened, and in light of the decision you made at the time (when you definitely knew less than you know now), what is the better play?

I start there because if you don't exert ownership on this decision, every subsequent move you make is going to built on a foundation of "a problem someone else created for you."  Don't do it man.  Own it and learn from it.

Your best play after this is to look at a refinance onto a conventional loan (which would be ideal if you have 25% equity now) or keep it up and know that if you DON'T refinance you still earn $50/month and you have $0 in refinance costs.  

Wage war brother,