You could save hundreds of dollars by refinancing without lowering your current rate. How can this be? FHA just lowered the monthly mortgage insurance premium from 1.35% to .85% per year if you are over 95% LTV. This is almost 1/2 of what it used to be. Example: if you have an FHA mortgage with 1.35% premium and you mortgage is $250,000 you will go from a monthly payment of $281.25 to $177.08, that is savings of $104.17 per month without lowering your rate. Barclay Butler Financial Inc. has no cost refinances for FHA & Conv. loans.
This will help any customer who currently has an FHA loan or is trying to buy a new home. By FHA lowering the monthly mortgage insurance premium, it has made FHA a much more competitive mortgage loan compared with the new conventional 3% down mortgage. FHA still does require 3.5% down payment which can be gifted from a family member.
The FHA streamline mortgage will allow a customer to lower their payment without showing any credit score, income, employment or assets. All you need to show is your most recent mortgage statement, and a copy of your current mortgage note.
This new lower monthly mortgage insurance will also help buyers buy more of a home.
Barclay Butler Financial Inc. does FHA, Conv., Jumbo, VA, USDA & Portfolio mortgages in Florida, Illinois & Wisconsin.
