New Memeber - FHA LOAN

[Richard Paris]

Hello!

2 years ago in March at the age of 25 I bought my first condo. This wasn't a plan to be an investor but a way to find a permanent residence and stop paying the enormous rents of the Bay Area. My question/concern is with my loan and the refinancing process. My monthly payments are fairly high which include PMI. From what I understand I can drop the PMI with refinancing since I have gained quite a bit of equity in the home but I want to understand the different options and what my best approach should be and if there is any money saving opportunities that I am missing.

Is there anyone that can help me better understand my loan/refinancing options to help lower my monthly payments and remove the PMI?

Thanks,

Rich

[Brandon L.]

Hello! @Richard Paris

Welcome to BP, and congratulations on making the decision to invest in your future via real estate.

I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.

First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:

https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp

The second is a post that will help get you focused with your real estate investing goals:

https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciated

The last one is a post that will help you choose an “investor friendly” real estate agent. There are many agents out there, but it’s important to choose the right one.

https://www.biggerpockets.com/blogs/5868/52724-im-new-to-investing-how-do-i-find-an-investor-friendly-agent

I love answering questions if you have any! Good Luck :)