patrick.net

be glad you got the house at such a low rate?

Are you going to sell the house now. whats the point on harping about something you cannot change now ?
refi at a lower rate as soon as you get the opportunity to so.

The rate is arbitrary, what you need to watch out for, is the MIP which has quadrupled since I bought in 2010, and new mortgages are required to carry it for the life of their loan. At the rate they keep screwing with the MIP numbers.
I wont be surprised if in another year or two, they require MIP on all loans for the life of the mortgages.

I know all this, but my point is, the industry is really growing to love the MIP, and there will come a time when it will be placed on all loans, FHA traditional or otherwise. Someone has to insure the derivatives so they can get back into high gear. That is the only thing that is going to give the economy the action bankers are starving for. Who knows, they may even grow bored manipulating commodities then, and let them fall to normal levels. Like $1.80 gas, and the return of the 3 to 4 dollar chicken.

Well with that reasoning, why are FHA loans now requiring it for the life of the loans now, if there is no risk after 80% LTV?