As we start 2020, many Tampa residents are trying to figure out a way to trim monthly expenses. The new year is always a great time to step back and review all your monthly recurring costs and see if you can shop around for any reductions. Cell phone, Internet, Credit card interest, and of course your home loan.
Taking a few hours to compare these costs could end up saving you hundreds each month, plus it’s so easy. If you haven’t considering a refinance on your FHA mortgage, now be the time, especially if you received an FHA in the last few years. Why? Mortgage insurance and interest rate reductions.
FHA recently announced the monthly mortgage insurance rate ( PMI rate) will be reduced from 1.35% to .85%. Please read more about FHA plans to reduce mortgage insurance here. This is huge for Tampa – Hillsborough homeowners that received an FHA over the last few years at the higher 1.35% MIP rate. This is especially big news for Tampa homeowners that have a higher FHA loan amount – over $250,000 as their savings could be much more.
The reduction in just mortgage insurance will save the average Hillsborough and Manatee homeowner $80 per month. Add to this the fact that mortgage interest rates happen to be at the lowest point in 18 months and refinancing makes even more sense. The monthly savings of an FHA streamline refinance could amount to possibly hundreds a month.
Tampa homeowners that currently have an FHA loan do not need to worry about equity requirements as homeowners can still refinance if they are upside down on their mortgage. The FHA streamline makes refinancing easy and lifts many of the “equity barriers” with traditional mortgage programs. No appraisal or home inspections is needed. Furthermore, the documentation process is greatly reduced and “streamlined”
All Florida homeowners are encouraged to contact us for more information, 7 days week. Please reach out to us today by calling 800-743-7556 or just submit the quick Info Request Form on this page. Let us take a few min and see if an FHA refinance makes sense for you.
Serving all of Hillsborough and Manatee County – Apollo Beach, Balm, Brandon, Dover, Gibsonton, Lithia, Lutz, Mango, Orient Park, Plant City, Riverview, Ruskin, Seffner, Sun City Center, Tampa, Temple Terrace, Thonotosassa, Valrico, Anna Maria, Bradenton, Bradenton Beach, Holmes Beach, Longboat Key, Myakka City, Palmetto.