Mortgage/renting/new home questions

[Irving]

I don't believe the Mortgage Insurance falls off of an FHA loan anymore. Depending on how long you've had your loan, it may or may not, so call and ask. I had to refinance my loan into a conventional to get it to come off.

If you do plan to refinance and use as a rental, are you going to refinance for the current value and use the equity to pay for the down on the new house? If so, make sure the rent you can get from the rental will cover the new mortgage amount.

[sniper7]

I don't believe the Mortgage Insurance falls off of an FHA loan anymore. Depending on how long you've had your loan, it may or may not, so call and ask. I had to refinance my loan into a conventional to get it to come off.

If you do plan to refinance and use as a rental, are you going to refinance for the current value and use the equity to pay for the down on the new house? If so, make sure the rent you can get from the rental will cover the new mortgage amount.

I haven't thought about that, I guess it depends on if I can toss the equity at the new house, but then I'd have to use my down payment cash on the refi so I think I'd be better off to just refi the amount owed now. The rent would cover the refi at the current value with a little extra $$ to play with, but if I keep the current value of the loan and refi I would be much more comfortable when things break.