All Forum Posts by: Ricardo Flores

@Michinori Kaneko I believe PMI is still a deductible in 2018, but starts to phase out at $100k and gone by $109k. I just have to figure how to get my AGI below $109k. LOL.

@Anthony Wick 2 years ago,  Thanks.

@Chris Mason Thanks for the advice. I know the refi is looking worse and worse as the days go by. But you are defenitley right about the HELOC. Be ready for the next move.

Thanks everyone for your input. Just that being new to the real estate game has me second guessing every move. 

Happy Friday Jr,

Rick 

@Melvin List  I agree. This is why I have been hesitant on proceeding with the refi. I'm planning to keep the home for a future rental. Maybe pull money out and purchase another. 

Just that the extra 235 could be going to principle instead of PMI.

Thanks @Vijaianand Thirunageswaram I will give them a call. 

@Jordan Decuir I've never heard of the mortgage companies wiping out the PMI just by asking. Maybe I'll try that.

@Londell Reedman Yes interest rate was low. Which is why I jumped into the loan to secure it. But since then interest has shot up very quickly. Which is why I’m now rethinking the Refi. 

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.

Thanks @Chris Mason and @Wayne Brooks. 

I recently purchase a home in January 2017 and owe around 338K on an FHA loan. The home, since then, went up in value $434~480K.

Can I refinance my FHA loan to a FHA Streamline loan and remove the original PMI? PMI is roughly $250

Also, what interest rate will I expect on the streamline loan? 

Any help is appreciated.

i believe its hard money lender.

Ggreat deal. Thanks for sharing.