800-555-2098
The FHA Streamline Refinance (Federal Housing Administration) program has been saving homeowners money on their mortgage payments for years allowing them to reduce their rate without appraisal however the new update will help to save even more. There are plenty of homeowners out there that could tell you exactly how much they were able to save. Well now it seems the possibility you could benefit from the new program has drastically increased as the requirements are being changed on June 11th. This will allow for countless homeowners to refinance their mortgages and use that extra money to buy something cool like a boat or ATV!
Let’s compare the current rates to those of the upcoming update the FHA Streamline Refinance program will soon receive. Please note that the information below is simply for illustration purposes. Rates, terms, and fees may vary based on credit scores, loan amounts and other factors so be sure to call a loan officer to see your rate and APR information.
Under Current FHA Premiums
$200,000 Loan
3.75% Rate
$942.44 Principle & Interest
$75 Homeowners Insurance
$200 Taxes
$208.33 of Monthly Mortgage Insurance
$1,425.77 in Total Monthly Payments
New FHA Premiums Starting June 11
$200,000 Loan
3.75% Rate
$926.32 Principle & Interest
$75 Homeowners Insurance
$200 Taxes
$91.67 of Monthly Mortgage Insurance
$1,292.99 In Total Monthly Payments
So based on the rates as seen above, a homeowner could save around $132 per month on their mortgage payments by taking advantage of the new FHA Streamline Refinance program. Now even though the official update to the program is coming on June 11, we can get you on file and line everything up so that when that date roles around. You can start saving money right away!
We take care of Michigan homeowners so if you’re in the state and would like to refinance under the FHA program. Then just call us at 1-800-555-2098 to talk with a licensed loan officer. Alternatively you could contact us by email through the contact form below.