[quote=threadkiller]Just got off the phone with Bank of America and they said because I have FHA loan @ 4.875% (30 year) I would probably never realistically be able to get a better deal in the future. He said can’t roll fees into loan and that MIP has doubled since I took out my loan. Oh well, I know in 10 years my loan will be really good when interest rates are over 10%.[/quote]
TK, hopefully you can get out of your MIP before 10 years is up. If your property eventually appraises for 125% or more of your original loan, you will be eligible to receive a refund of prepaid MIP and have your mtg pymt lowered.
