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FHA Mortgage: Am I Eligible for an MIP Refund? – Keep in mind that FHA upfront premiums changed from 1.75% to 2.25% in April of 2010, and then dropped to 1% in October of 2010 for a 30-year mortgage. For example, if you took out a $200,000 loan a year ago, when the upfront premium was 2.25%, and refinance its $195,000 balance to a new FHA loan after 13 months, you get the following:
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Using a mortgage refinance calculator can help you understand the financial trade-off between lowering your payment and adding years to your loan term. While the FHA allows borrowers to increase their.
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