Do you currently have an FHA-insured mortgage? Are you paying a rate of 5, 6, or 7 percent? If you’re current on your loan, you may be able to refinance quickly and easily with an FHA streamline refinancing.
Rates on FHA mortgages are at all-time lows. If you took out an FHA loan a couple of years ago, it is very likely that you are paying above-market rates. This means that you could be saving a significant amount of money on your monthly home payments.
One of the nice things about refinancing through this program is that it does not necessarily require a new home appraisal, so long as the new loan amount does not exceed the original loan amount. This saves both time and money.
In order to refinance with this program, you must be current on your mortgage, the refinancing must lower your monthly principal and interest payments, and no cash may be taken out during the refinancing (complete eligibility rules can be found on HUD’s website here).
Presently, Total Mortgage is able to offer qualified borrowers FHA rates starting at 3.750% with an APR of 5.092%*. If you rate is higher than this, you owe it to yourself to call us today at 877-868-2503. Speak to one of our licensed loan officers and see how much you could be saving.
Mortgage rates are always changing. All rates were quoted at 10:20 P.M., on September 29, 2011.
*All rates shown are for 30 day rate locks. Longer locks available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 1 points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $500,000, one points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $295,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants and are subject to mortgage approval. All rates are subject to change without notice.
Loading ...
RSS feed for comments on this post.
Leave a comment