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Mortgage insurance premiums for FHA loans have been greatly reduced. Refinance now and you may be able to realize significant savings and take advantage of interest rates that are still near historic lows. Look at the example below.
FHA loan features include:
- Lower mortgage insurance premiums
- Low down payment requirement
- Fixed or adjustable interest rates
- Easy credit refinancing
| Monthly Savings Example | |
| Current FHA Loan Balance | $250,000 |
| Monthly Mortgage Insurance Premium (Current) | $281 |
| Monthly Mortgage Insurance Premium (New) | $177 |
| Monthly Savings | $104 |
That’s a potential SAVINGS of $1,248 annually!
Programs available only to qualified borrowers. Programs subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply. Refinances of existing FHA loans that were endorsed on or before May 31, 2009 and Section 247 mortgages are NOT eligible for a reduction in mortgage insurance premium. New mortgage insurance premiums will be applicable to loans with FHA Case Numbers assigned on or after January 26, 2015. The example above is for illustrative purposes only. Actual savings will be based on the terms and conditions of the Note you sign at closing.