Should I or should I not Refi??

[Ricardo Flores]

Hey everyone,

I have a few questions, hoping someone can answer. I've been looking into refinancing my primary home to remove the PMI on my FHA loan. Can someone let me know if this is still possible, even with the rising interest rates? They way I calculated the numbers, I would save around $50 monthly. What type of credit score would help reduce the interest rate. I know 740 would be great, but im roughly in the 690-700's.

Below are my numbers..

Home value roughly 470k-480k

Outstanding loan 338k, 28 years to go

Current Interest Rate 3.75%

monthly payment $1,615 without taxes and insurance. 

PMI monthly payments $235

Any info will help.. Thanks in advance.

[Vijaianand Thirunageswaram]

@Ricardo Flores if you are refi just to remove PMI, you don't have to. You just need to request your servicer to remove PMI and they will do it if the numbers are good and you can show the proof/evidence for your appraisal value. There is process so call your servicer or mortgage company. Don't lose your low interest rate by refi.