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Are you’re tired of paying FHA premiums and mortgage insurance? The start of a new year is the perfect time to slash extra expenses from your budget and start saving for the things you want in life.  Check out these 3 reasons on why you should consider refinancing your FHA home loan into a smarter, conventional mortgage loan:

FHA Home Loan - Millennial couple dancing in their kitchen.

Refinance Your FHA Home Loan Reason #1:

Say good bye to mortgage insurance (sooner) and hello to savings! Unlike other insurance policies, mortgage insurance doesn’t protect you. It protects your mortgage lender in the unlikely event your home goes into foreclosure.

Private mortgage insurance (PMI) is required if you put down less than 20% of your home’s loan-to-value (LTV). Most lenders allow you to drop PMI once you reach between 20-22% LTV- unfortunately FHA does not. Mortgage insurance is required for the life of an FHA loan. Check out our low down payment mortgage infographic to see how this adds up overtime.

FHA Home Loan- A young couple sitting in front of their home.

Refinance Your FHA Home Loan Reason #2:

Reduce your monthly mortgage payment while rates are still low. Rates are still near historic lows, but forecast to increase this year. So why not refinance now and lock in a low rate and term?

FHA Home Loan - Young couple relaxing on their sofa with a bowl of popcorn watching television.

Refinance Your FHA Home Loan Reason #3:

You’ll save cash for what matters most to you! Whether it’s a fresh coat of paint, granite counter tops, paying off student debt or a European adventure, by refinancing your home loan into a smarter mortgage you’ll have extra cash.

FHA Home Loan- Young couple sanding doors and stairwell.

Schedule a free home loan consultation with one of our friendly, non-commissioned home loan experts to discover how much you could save each month and over the life of your mortgage loan. You may be surprised at how quickly your savings add up.

Do you know of other reasons why a homeowner should consider refinancing their mortgage now? Please share below:

 

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