{"id":43809,"date":"2020-10-19T09:04:02","date_gmt":"2020-10-19T17:04:02","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=43809"},"modified":"2021-10-12T07:33:22","modified_gmt":"2021-10-12T14:33:22","slug":"how-to-get-rid-of-fha-mortgage-insurance","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/fha-mortgage-insurance-removal\/","title":{"rendered":"How to Get Rid of FHA Mortgage Insurance"},"content":{"rendered":"<p>Mortgage insurance protects lenders from losing money on higher-risk borrowers who might default on their mortgages. This protection helps make home financing available to borrowers who otherwise might not qualify.<\/p>\n<p>Typically, you\u2019ll have to pay for private mortgage insurance on a conventional loan when your down payment is less than 20%. On FHA loans, however, all borrowers must pay mortgage insurance premiums no matter what size their down payment is.<\/p>\n<p><b>Here\u2019s what you should know about removing mortgage insurance from your FHA loan:<\/b><\/p>\n<ul>\n<li><a href=\"#what-is-mortgage-insurance\">What is mortgage insurance?<\/a><\/li>\n<li><a href=\"#how-to-get-rid-of-mortgage-insurance-fha-loan\">How to get rid of mortgage insurance on an FHA loan<\/a><\/li>\n<li><a href=\"#how-to-refinance-fha-loan-into-conventional\">How to refinance your FHA loan into a conventional loan<\/a><\/li>\n<li><a href=\"#why-you-should-compare-offers-multiple-lenders\">Why you should compare offers from multiple lenders<\/a><\/li>\n<\/ul>\n<p><a name=\"what-is-mortgage-insurance\"><\/a><\/p>\n<h2>What is mortgage insurance?<\/h2>\n<p>When it comes to mortgage insurance, private mortgage insurance (PMI) and mortgage insurance premiums (MIPs) are similar but come with some slight differences.<\/p>\n<p><b>PMI:<\/b><\/p>\n<ul>\n<li>Applies to conventional loans<\/li>\n<li>Rates depend on your mortgage term, down payment, and credit score<\/li>\n<li>Monthly costs between 0.14% and 1.86% of the loan amount, depending on your credit score and loan term<\/li>\n<\/ul>\n<p><b>MIP:<\/b><\/p>\n<ul>\n<li>Only applies to FHA loans<\/li>\n<li>Rates depend on your mortgage term, down payment, and loan amount; your credit score isn\u2019t a factor<\/li>\n<li>Upfront premium cost of 1.75% of the loan amount; annual MIPs cost between 0.45% and 1.05% of the loan amount, depending on your down payment<\/li>\n<\/ul>\n\n<table id=\"tablepress-369\" class=\"tablepress tablepress-id-369 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles\">\n<thead>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><th class=\"column-2\"><strong>PMI<\/strong><\/th><th class=\"column-3\"><strong>MIP<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Applies to<\/td><td class=\"column-2\">Conventional loans<\/td><td class=\"column-3\">FHA loans<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Costs<\/td><td class=\"column-2\"><ul><li>Monthly costs between 0.14% and 1.86% of the loan amount<\/li><li>Rates dependent on your credit score, down payment, and mortgage term<\/li><\/ul><\/td><td class=\"column-3\"><ul><li>Upfront premium of 1.75% of the loan amount; annual MIPs between 0.45% and 1.05% of the loan amount<li> Rates dependent on your down payment, mortgage term, and loan amount; your credit score isn\u2019t a factor<\/li><\/ul><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p><a name=\"how-to-get-rid-of-mortgage-insurance-fha-loan\"><\/a><\/p>\n<h2>How to get rid of mortgage insurance on an FHA loan<\/h2>\n<p>Accumulating equity is not enough to get MIPs canceled for many <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/fha-loans\/\">FHA loans<\/a>. If you took out an FHA loan after June 2, 2013, you can\u2019t request MIP cancellation based on home price appreciation.<\/p>\n<p><span style=\"font-weight: 400;\"><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/span><b>Good to know: <\/b>MIPs can only be canceled if you put down at least 10% and, even then, they can\u2019t be canceled until you\u2019ve paid them for 11 years. The good news is that your servicer must cancel them automatically at this point.<\/div><\/div>\n<p>The fastest and sometimes only way to remove MIPs on an FHA loan is to <a href=\"https:\/\/www.credible.com\/mortgage-refinance\">refinance<\/a> into a conventional loan. If you have 20% equity, you can avoid paying PMI on the new loan.<\/p>\n<p>You\u2019ll want to know what today\u2019s <a href=\"https:\/\/www.credible.com\/mortgage\/refinance\/rates\">refinance rates<\/a> are when considering this option. Credible makes refinancing easy. You can see your rates from our partner lenders in the table below in just three minutes. We also provide transparency into lender fees that other comparison sites don\u2019t.<\/p>\n<div id=\"credible-rate-table\"><\/div>\n<p><script>\n      window.credibleAsyncInit = function() {\n        CredibleSDK.initWidget('#credible-rate-table', {\n               environment: 'production',\n  \t    product: {\n  \t       marketplace: 'mortgage-combined',\n  \t       type: 'rate-table',\n  \t       variation: 'shortened',\n               loantype: 'refinance',\n  \t    },\n          analytics: {\n             source: 'credible_blog',\n          },\n  \t    });\n        CredibleSDK.initWidget('#mortgage-combined-rate-widget-simple', {\n               environment: 'production',\n  \t    product: {\n  \t       marketplace: 'mortgage-combined',\n  \t       type: 'rate-widget',\n  \t       variation: 'simple',\n  \t    },\n          analytics: {\n             source: 'credible_blog',\n          },\n  \t    });\n      };\n<\/script> <script async defer src=\"https:\/\/sdk.credible.com\/sdk.js\"><\/script><\/p>\n<p><a name=\"how-to-refinance-fha-loan-into-conventional\"><\/a><\/p>\n<h2>Refinance your FHA loan into a conventional loan<\/h2>\n<p>If you want to get rid of your mortgage insurance premiums, here\u2019s how to <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/refinance-fha-loan\/\">refinance your FHA loan<\/a> into a conventional loan.<\/p>\n<h3>1. First, make sure it will save you money<\/h3>\n<p>To find out if switching to a conventional mortgage will save you money, you\u2019ll need to know how much your MIP is and how much you might have to pay in PMI. See how much you\u2019re paying for your mortgage insurance premium by looking at your most recent monthly mortgage statement.<\/p>\n<p>Finding out how much you might pay in PMI is a bit trickier. If you apply to refinance, lenders will give you an estimate of your PMI costs. Another option is to search online for private mortgage insurance rate cards and see what rate is most likely to apply to your situation given your credit score, equity, and the term of your new mortgage.<\/p>\n<p>Here are a few examples of the annual PMI rates you might pay for a <a href=\"https:\/\/www.credible.com\/mortgage\/refinance\/rates\/30-year-fixed\">30-year fixed<\/a> mortgage:<\/p>\n<ul>\n<li>10% equity, 680 credit score: 0.65%<\/li>\n<li>15% equity, 740 credit score: 0.20%<\/li>\n<li>18% equity, 660 credit score: 0.38%<\/li>\n<\/ul>\n<p>If you\u2019re going from a MIP to PMI, it might be worth <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-often-can-you-refinance\/\">waiting to refinance<\/a> until you have more equity or a higher credit score. Another option is to use savings or a gift to bring cash to closing so that you have enough equity to avoid PMI.<\/p>\n<p>You\u2019ll also need to consider the <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/the-cost-of-refinancing-your-home\/\">closing costs to refinance<\/a>, which can run you 2% to 5% of the amount you\u2019re borrowing.<\/p>\n<p><b><i>Learn More: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-insurance\/\"><b><i>PMI: What Is Mortgage Insurance and Who Needs It?<\/i><\/b><\/a><\/p>\n<h3>2. Find out how much equity you have in your home<\/h3>\n<p>You generally need to have at least 20% equity in your home to refinance into a conventional loan without PMI.<\/p>\n<p>To find out how much equity you have, use this formula:<\/p>\n<p style=\"text-align: center;\"><b>(home value &#8211; loan balance) \/ home value<\/b><\/p>\n<p>For example, if your home could appraise for $300,000 and you owe $200,000 on your mortgage, you have $100,000 of equity. $100,000 is 33.33% of $300,000, so you have about 33% equity.<\/p>\n<p>To estimate what your home might appraise for, research what similar homes in your area have recently sold for.<\/p>\n<h3>3. Know if you qualify<\/h3>\n<p>Along with having enough equity, you will need a high enough credit score to qualify for a conventional loan: at least 620, depending on the lender and other aspects of your finances.<\/p>\n<p>You\u2019ll also need to show you have a steady, ongoing income and a debt-to-income ratio no higher than 43%.<\/p>\n<p><b><i>Keep Reading: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/should-you-refinance\/\"><b><i>When to Refinance a Mortgage<\/i><\/b><\/a><\/p>\n<p><a name=\"why-you-should-compare-offers-multiple-lenders\"><\/a><\/p>\n<h2>Compare multiple lenders<\/h2>\n<p>If you\u2019re going to spend the money on closing costs and take the time to refinance, it only makes sense to get offers from at least three lenders to see who can provide you the most savings.<\/p>\n<p>Besides getting rid of FHA mortgage insurance, refinancing can have additional benefits. You might be able to:<\/p>\n<ul>\n<li>Lower your monthly principal and interest payment<\/li>\n<li>Shorten your loan term to pay less interest in the long run<\/li>\n<li>Take cash out if you have enough equity<\/li>\n<\/ul>\n<p><b>Here\u2019s an example of how much you could save by refinancing your mortgage:<\/b><\/p>\n<p>Let\u2019s say your current mortgage balance is $200,000, your interest rate is 4.5%, and you have 15 years left on your 30-year mortgage. At your current rate, you\u2019ll pay about $75,397 in interest over your remaining loan term.<\/p>\n<p>If you can refinance into a new <a href=\"https:\/\/www.credible.com\/mortgage\/refinance\/rates\/15-year-fixed\">15-year fixed-rate<\/a> loan at 3.5%, you\u2019ll take on a higher monthly payment, but you\u2019ll also only pay about $57,357 over your remaining loan term, a savings of $18,040.<\/p>\n<p>If you think refinancing out of your FHA loan is the right move for you, be sure to use Credible to easily compare offers from multiple lenders at once. Credible makes this easy \u2014 you can compare multiple lenders and see prequalified rates in as little as three minutes.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><span style=\"font-size: x-large;\"><strong>Find out if refinancing is right for you<\/strong><\/span><\/p>\n<ul class=\"list--iconArrow accent--isGreen\">\n<li><strong>Actual rates from multiple lenders<\/strong> &#8211; In 3 minutes, get actual prequalified rates without impacting your credit score.<\/li>\n<li><strong>Smart technology<\/strong> &#8211; We streamline the questions you need to answer and automate the document upload process.<\/li>\n<li><strong>End-to-end experience<\/strong> &#8211; Complete the entire origination process from rate comparison up to closing, all on Credible.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage-refinance\">Find My Refi Rate<\/a><br \/>\n<small>Checking rates will not affect your credit<\/small><\/p>\n<p><!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage insurance protects lenders from losing money on higher-risk borrowers who might default on their mortgages. This protection helps make home financing available to borrowers who otherwise might not qualify. Typically, you\u2019ll have to pay&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/fha-mortgage-insurance-removal\/\">Continue reading<\/a><\/p>\n","protected":false},"author":106,"featured_media":44216,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1463],"tags":[1519,1521,1525],"class_list":["post-43809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-fha-basics","tag-mortgage-rates-sidebar","tag-mortgage-refinance","how-to-get-rid-of-fha-mortgage-insurance","post_tag-fha-basics","post_tag-mortgage-rates-sidebar","post_tag-mortgage-refinance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Get Rid of FHA Mortgage Insurance - Credible<\/title>\n<meta name=\"description\" content=\"FHA mortgage insurance removal is impossible for many borrowers \u2014 unless you refinance into a conventional loan. Learn how to stop paying MIPs and save.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.credible.com\/blog\/mortgages\/fha-mortgage-insurance-removal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Get Rid of FHA Mortgage Insurance - Credible\" \/>\n<meta property=\"og:description\" content=\"FHA mortgage insurance removal is impossible for many borrowers \u2014 unless you refinance into a conventional loan. Learn how to stop paying MIPs and save.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.credible.com\/blog\/mortgages\/fha-mortgage-insurance-removal\/\" \/>\n<meta property=\"og:site_name\" content=\"Credible\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/crediblelabs\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-19T17:04:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-12T14:33:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/10\/FHA-mortgage-insurance-removal.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1476\" \/>\n\t<meta property=\"og:image:height\" content=\"590\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Amy Fontinelle\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@AmyFontinelle\" \/>\n<meta name=\"twitter:site\" content=\"@credible\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Amy Fontinelle\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/mortgages\\\/fha-mortgage-insurance-removal\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/mortgages\\\/fha-mortgage-insurance-removal\\\/\"},\"author\":{\"name\":\"Amy Fontinelle\",\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/#\\\/schema\\\/person\\\/27dcf3bc39d8e151fa4e4c3c35d05199\"},\"headline\":\"How to Get Rid of FHA Mortgage Insurance\",\"datePublished\":\"2020-10-19T17:04:02+00:00\",\"dateModified\":\"2021-10-12T14:33:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/mortgages\\\/fha-mortgage-insurance-removal\\\/\"},\"wordCount\":1122,\"publisher\":{\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/mortgages\\\/fha-mortgage-insurance-removal\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/FHA-mortgage-insurance-removal.png\",\"keywords\":[\"fha-basics\",\"Mortgage Rates Sidebar\",\"Mortgage Refinance\"],\"articleSection\":[\"Mortgages\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/mortgages\\\/fha-mortgage-insurance-removal\\\/\",\"url\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/mortgages\\\/fha-mortgage-insurance-removal\\\/\",\"name\":\"How to Get Rid of FHA Mortgage Insurance - Credible\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/mortgages\\\/fha-mortgage-insurance-removal\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/mortgages\\\/fha-mortgage-insurance-removal\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/FHA-mortgage-insurance-removal.png\",\"datePublished\":\"2020-10-19T17:04:02+00:00\",\"dateModified\":\"2021-10-12T14:33:22+00:00\",\"description\":\"FHA mortgage insurance removal is impossible for many borrowers \u2014 unless you refinance into a conventional loan. 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