Do you have a FHA mortgage from April 2014 to Dec 2014? If so, you are paying about $80,000 too much. You can switch now to a 20 year Bi-Weekly loan option and save now.
The problem with FHA loans from 2013 and 2014 is the high mortgage insurance. The MI is at 1.35% for 30 years. You can not get rid of the mortgage insurance. You pay 30 full years no matter how much equity you have.
The 20 year FHA loan has 11 years of MI if at 90% LTV. You just need 10% equity to get a substantial MI break. Plus the 20 year loan is priced better so you will save thousands on interest cost. The 20 year FHA is a shorter term. This also save thousands with a shorter loan term. The Bi-Weekly option has you pay half a payment 2x a month; thus you make 1 extra mortgage payment a year. This will help pay off your 20 year loan in 17 years. Win Win.
Call me to take advantage of my 20 year Bi-Weekly loan program.