On January 21st, 2010 HUD announced that the FHA mortgage insurance premiums will be increasing. The changes never seem to end in the mortgage industry right now- everyday changes happen and costs continue to go up. Here is a breakdown on what to expect:
So what does that mean to you- the borrower? It means that if you have been thinking about refinancing now is the time to act. Make sure to get your lender to pull your case number before April 5th otherwise you will pay more in the long run. Even with the increase in premiums, FHA will still remain the main option for most refinance candidates who want to great rates and good terms.
A lot of people have been on the fence of whether to refinance or not and this is one good reason along with the fact that rates are all time lows and they are scheduled to start increasing- so call now and talk to one of our knowledgeable mortgage consultants who can help you on your way to saving money!
AnnieMac Home Mortgage – 856-505-6717 firstname.lastname@example.org