The FHA mortgage insurance has now been lowered for “New Loans” that were started on and after January 26th. That means if you are planning to buy or refinance a home with an FHA loan your total monthly mortgage payments will be less now. How much you ask…a half percent ½ less. How about in dollars and cents? Well that would depend on your loan amount size. But, to give you an idea, a loan size of about $100,000 would be around $41 a month less…pretty good, right?
Now, if you already have an FHA loan with the higher mortgage insurance then you should definitely inquire about the streamline refinance (FHA loan to another FHA loan) because they are perfect for this type of situation…which is basically a Fast & Easy swap from the previous higher premium to the new lower premium.
It’s a good way to start off the year, don’t you think? I hope you can take advantage of it because what comes down might not always stay down.