January 25, 2010
Mortgage Support Services
http://www.mtgsupportservices.com/
Here's the latest tip from The Mortgage Experts: The US Department of Housing and Urban Development (HUD), the government agency that oversees the FHA loan program, has recently announced that the up-front mortgage insurance premium that applies to FHA loans will be increasing from 1.75% of the loan amount to 2.25% of the loan amount. The change affects all FHA loans with an FHA case number assigned on or after April 15, 2010.
Although there will probably be an outcry against the change, it really has an extremely small effect on the borrower because almost all borrowers choose to finance the up-front mortgage insurance premium into their loan. For every $100,000 in loan amount, the monthly payment will go up by only $2.68 if the interest rate is 5%, and by only $2.84 if the interest rate is 5.5%. Hardly a deal killer.
Call us with any questions and call us if you want to work with the best mortgage bankers in Colorado.
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Your friend in the real estate business,
Shelli Dore
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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.