Will my MIP (mortgage insurance premium) increase after a streamline FHA refinance?
I bought my house 2 years ago through a FHA loan. Im about to do a streamline refi, but was told by the lender that my MIP (mortgage insurance premium) would almost double due to new FHA regulations. Is this valid?
- Glenn SLv 79 years agoBest Answer
It will go up because the MIP premium fees increased during that time. FHA increased mortgage insurance fees from .55% of the loan amount to 1.55% last year.