I have owned and lived in my house for 8 yrs and looking to refinance why would i have to keep paying mip on?

Earnest
a 30 yr loan and not a 15 yr loan?

Mariko
The secondary part to the previous answer is! If your credit score is a 680 or higher mid score then you can go convetional finance. This would eliminate MIP. You would also need to have the Value and your loan not to be higher than the 80% LTV includes yoyr closing cost. On the flip side, if your in an existing FHA Loan we can streamline that loan into the lower rate with less paperwork, less closing cost and refund the appraisal fee back after funding! This would be your best solution and least costly. You do need to have 0 lates on your Mortgage in the last 12 months.

Cristal
15 year loans with FHA have only up front MIP and part of that will be refunded if you stay FHA. 15 year notes with FHA have no monthly MIP. All 30 year notes have up front and monthly MIP those are the rules. Now if you are at or below 80% loan on the value then you will have 60 months of MIP on a 30 year note at least then it will drop offI am a mortgage banker in TN