Save Money With FHA Refinance - New Lower MIP - Craig Bosse - Walnut Creek Mortgage Lender

Save Money With FHA Refinance – New Lower MIP

Home / Mortgage Rates / Save Money With FHA Refinance – New Lower MIP

Save Money With FHA Refinance – New Lower MIP

FHA is lowering the cost of homeownership….Making homes more affordable for all FHA buyers!

 

What does this mean if you already have an FHA loan?

 

You can reduce your payment considerably with a no-income documentation and no appraisal refinance! You can even skip up to two payments! We are processing these refinances in as little as 15 days.

 

The FHA has reduced the annual Mortgage Insurance Premiums (MIP) effective January 26, 2015.

If You Have An FHA Loan With Terms Greater Than 15 Years –

If Your Base Loan Is   And Your Loan to Value Ratio is    Your Old MIP     Your New MIP
Less than or equal to $625,000                      ≤ 95%    130 bps        80 bps
Less than or equal to $625,000                      > 95%    135 bps        85 bps
More than $625,000                      ≤ 95%    150 bps       100 bps
More than $625,000                      > 95%    155 bps       105 bps

 

What You Can Save Monthly! (Assuming rates are equal to when you purchased. Savings may be more!)stacks-of-money-300x225

Based on ≤ $625k Base Loan, >95% LTV

Loan Amount       Current MI        New MI      Your Savings
$175,000         $196.88        $123.96         $72.92
$200,000         $225.00        $141.67         $83.33
$225,000         $253.13        $159.38         $93.75
$250,000         $281.25        $177.08         $104.17
$271,050         $304.93        $191.99         $112.94
$350,000               $393.75        $247.91         $145.83
$450,000               $506.25        $318.75         $187.50
$550,000               $618.75        $389.58         $229.16
$625,000               $703.12        $442.70         $260.41
$700,000               $904.16        $612.50         $291.66

 

GET A QUICK QUOTE

Find out how much you will save!

NOTE: Not all applicants will qualify. These Programs may have a higher interest rate, more points or more fees than other Programs requiring documentation. Minimum FICO, reserve, and other requirements apply. Programs may not be available in all states. Contact your Loan Officer for additional program guidelines, restrictions, and eligibility requirements. Rates, points, APRs and programs are subject to change at any time without notice.

 

Craig Bosse
Craig Bosse
Craig Bosse specializes in mortgage lending and has helped hundreds of people fulfill their dream of owning a home. Many of the loans he gets approved have been previously denied at other lenders. Craig enjoys the challenge of finding solutions for his clients!
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