I am planning to streamline refinance my current FHA 30 years loan into 15 years.
1. My current monthly mortgage insurance amount is about 1.3% of my original loan balance. If i do a 15 years refinance, will that amount stays or reduced to.45%?
2. If i do the refinance, is the amount to calculate with the percentage my original loan balance or current remaining loan balance?
for example my loan was $200,000 but now my current balance is $150,000.
Is it going to be $200,000 x.45% or $150,000 x.45% ?
Someone who is an expert in mortgage industry please answer.
Read more: FHA refinance from 30 years to 15 years, will monthly mortgage insurance reduced?
