Time to Get Complete Your FHA Streamline Refinance
If you’ve been sitting on the fence considering refinancing your FHA loan. The latest news from Washington may be the nudge you need to move forward and get your refinance completed. The FHA plans to announce yet another fee increase in its mortgage insurance premiums, that’s in addition to the increase required by Congress.
In an interview with the Wall Street Journal, FHA’s acting commissioner Carol Galante said that the FHA plans to announce the increase this month. The legislation requires the FHA to raise MI premiums by 10 basis points. This increase will translate into an additional $200 per year, or $17 more each month for a borrower that takes out a new $200,000 FHA loan. The other increase is unknown at this time, so, my advice is to be prudent. If you’re getting a good enough deal today, if the rate and payment is lower, and if you can complete the transaction at no cost, don’t bet on the future!
