Do you know about - Good News for SOME FHA Homeowners - Decrease in Mortgage Insurance on FHA Refinances
Homeowners Insurance Quote ! Again, for I know. Ready to share new things that are useful. You and your friends. What I said. It is not outcome that the real about Homeowners Insurance Quote . You check out this article for home elevators anyone wish to know is Homeowners Insurance Quote .How is Good News for SOME FHA Homeowners - Decrease in Mortgage Insurance on FHA Refinances
Good News for SOME FHA Homeowners - Decrease in Mortgage Insurance on FHA Refinances Tube. Duration : 3.33 Mins.We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Homeowners Insurance Quote . On March 7th HUD announced that fha mortgage insurance is going up on April 9th for ALL FHA loans. A .10% increase. Not only that but FHA is raising the upfront mortgage insurance premium from 1% to 1.75% Which we discussed last week THEN they announced some good news -- For case numbers assigned after June 11, 2012 which are refinancing an FHA loan which was endorsed prior to June 1st 2009 there will be a decrease to the monthly mortgage insurance to just .55%. Now this is huge because rates were anywhere from the high 4's to mid 5's in 2009 and FHA mortgage insurance was .55%. Since then we of course have seen rates go down but mortgage insurance keeps going up. Every year! Lets take a look at an example -- Say you have a 0000 Loan 30 years fix 5.25% 30 Year Fix 3.75% After June 11 2012 3.75% (maybe higher maybe lower) Payment = 56 Payment = 89 Payment = 89 MI .55% = 7.50 MI 1.15% = 7.50 MI = 7.50 Payment = 93 Payment = 76 Payment = 26 So this is a great step in the right direction for helping FHA homeowners who don't want to throw away money on monthly mortgage insurance.
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