If you have an FHA mortgage, and your mortgage interest rate is higher than 4.875%, it is the right time to evaluate your refinance options.
If you’ve been following my blog for any length of time, your read this line often: Current mortgage rates are at or near their lowest levels in history. What I haven’t said that I’m saying today is that the FHA MIP (mortgage insurance premium) is cheaper than it’s been in years.
Homeowners taking advantage of using the FHA Streamline Refinance are saving five percent or more each month.
If you have an existing FHA mortgage, today’s mortgage rates are an excellent opportunity to take advantage of the FHA’s special refinance program called the FHA Streamline Refinance.
The FHA Streamline Refinance is one of the easiest refinance programs available today.
According to the FHA guidelines, the FHA Streamline Refinance has the following benefits:
- No credit score check
- No income verification
- No home appraisal
The only notable requirement on the FHA Streamline Refinance is the homeowner has made on-time mortgage payments for the last six months. Also required is that the homeowner receives a “Net Tangible Benefit.” In this example, defined as lowering the principal plus interest on its mortgage payment by five percent or more.
If your mortgage is more than six months old, and with mortgage rates near all-time lows, it’s much easier for homeowners to meet the FHA’s Net Tangible Benefit requirement.
If you want to take advantage lowering your payments while the window of opportunity is still available, call me (Jim Catalano) at (214) 770-1499 or complete the form below.