Why It's Smart To Go To A 15 Year FHA Loan Right Now...

Good Morning!     If you have a 30 year fixed FHA loan I would recommend you consider refinancing into a 15 year FHA mortgage. There are two reason's I'm recommending this... 1) You can get a 15 year FHA fixed rate as low as 2.75% (face rate). 2) The mortgage insurance rates are lower for 15 yr FHA loans... 15-year loan terms with loan-to-value over 90% : 0.60 percent annual MIP 15-year loan terms with loan-to-value under 90% : 0.35 percent annual MIP As an example: If your current rate is 5% on a 30 year fixed FHA loan - you could lower your rate to a 2.75% 15 yr FHA loan, and your payment would only go up by around $35 to $40 per 100k on the loan. If your rate is higher than 5% then the difference would be even lower. It just makes sense to do this right now.   That's it for today!     Have a good day today!  ...and thanks for reading.    Brett      To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application. To sign up for my weekly mortgage quick tips - CLICK HERE.