I wanted to let you know about an important announcement about FHA mortgages. If you currently have one THIS IS IMPORTANT.
FHA mortgages used to be one of the most popular programs in the country and you may still have an FHA mortgage. From 2009 to 2014 the benefits of an FHA mortgage were drastically reduced because the cost of mortgage insurance went up sharply.
Announcing some GREAT NEWS!
As of January 26th, 2015 the cost of mortgage insurance on all new 30 year fixed rate FHA mortgages has been significantly reduced.
The average FHA customer could save over $900 a year without incurring any closing costs.
Thousands of FHA mortgage holders have been prevented from using the simple FHA Streamline Refinance in recent years because they did not have the required 5% down payment. This news solves that problem for many mortgage applicants.
How it works:
Anyone with an FHA mortgage knows that the only extra cost impediment is Mortgage Insurance. This comes in two parts - the M.I.P. (monthly insurance premium) and the UpFront Mortgage Insurance (which is financed into the loan). Over the past four years, the cost of M.I.P. has risen every year and it now stands at 1.35% on top of the mortgage’s interest rate.
For example, if your mortgage has an interest rate of 4.25% and your FHA Mortgage Insurance (M.I.P.) is equal to 1.35%, you are paying the combined rate of 5.60%. Now you can refinance with No Closing Costs to a rate of 3.75% with M.I.P. of .85% giving you a combined rate of 4.6%. On a $200,000 mortgage that could save you over $200 per month for 30 years!
If you are an eligible homeowner, this drop in monthly mortgage insurance comes on top of the lowest mortgage rates we’ve seen since June 2013.
WHAT SHOULD YOU DO NOW?
Remember - reducing your rate by even 1/4% for NO COST can save you 2 years of mortgage payments!
No Income Verification - That means your current income or debts do not matter.
No closing cost options are available -- That means the lender will pay your closing costs for you. So you save lots of money on your monthly mortgage payments.
WHAT’S SO GOOD ABOUT IT ?
FHA Streamline Refinances are the simplest mortgages available today.
No Appraisal Required - Your current market value does not matter.
Visit www.YouCanRefi.com or call 800-272-5626 to learn more about this extraordinarily rare opportunity. The experienced team at YouCanRefi.com will help you determine your benefits and your information is not sold to other companies (unlike if you call a lead generation company like Lending Tree).