FHA is reducing their MIP payment 50 basis payments from 1.35% to 0.85%. What that means is, for every $100,000.00 owed, the MIP payment would drop $41.67/mo.
That, along with the fact that interest rates are lower than they’ve been for quite some time, you may have the ability to lower your rate as well, saving even more of your hard earned dollars.
FHA has a streamline process where no appraisal is often not necessary, and very little is needed in the way of documentation. Call/email/text me for details and to see if you qualify.
Now, some of you may qualify for a conventional loan refinance, which is almost always a better deal. If your home’s value has appreciated some, you may be able to eliminate the 1.75% added to the loan and the monthly MIP that FHA wants, regardless of your loan to value.
Again, call/email/text me, and I’ll run the numbers for you and we’ll see what we can save.