The Federal Housing Administration (FHA) offers multiple different mortgage programs that allow borrowers to refinance into mortgages with more affordable payments. Mortgage rates across the country are near all time lows. Total Mortgage has some of the lowest FHA mortgage rates in the industry. These low mortgage rates make it a great time to consider refinancing with one of the FHA’s great refinance programs.
Current homeowners with a mortgage of $400,000 paying 5.500% will save themselves a significant sum of money by refinancing with either an FHA mortgage or a FHA streamline program. With a 30-Year Fixed FHA Mortgage worth $400,000 with a 5.500% rate you will have monthly payments of $2,271.16 a month. The same mortgage product with Total Mortgage low rate of 4.500%with borrower’s paying zero points will have monthly payments of $1,873.94.
Borrower’s refinancing to Total Mortgage’s low rate 30-Year Fixed FHA mortgage stand to save $151.21 a month. Taking into account monthly payments as well as taxes and closing costs the borrower stands to save $19,100.10 throughout the life of the loan.
| Mortgage Product | Mortgage Rate | Monthly Payment | |
|---|---|---|---|
| Borrower’s Rate | 30-Year Fixed FHA Mortgage | 5.500% | $2,271.16 |
| Total Mortgage’s Rate | 30-Year Fixed FHA Mortgage | 4.500% (0 Points) | $1,873.94 |
| Monthly Savings | $397.22 | ||
To receive a custom rate quote call one of our mortgage experts at 877-868-2503.
All calculations were made with the following assumptions: 60 months paid on initial mortgage, 10 years before sale of home, 0 points, 0 origination fess, $1,200 closing costs, 26.000% tax rate, 5,000% state rate.
Loading ...
RSS feed for comments on this post.
Leave a comment