Mortgage Refinance Cost Lowered by Obama | Seattle Real Estate

Borrowers whos FHA loans were issued before June 1, 2009 will be interested to know that they are eligible to take advantage of the savings Obama announced?this afternoon. Many borrowers with federal issued mortgages will have the opportunity to refinance with lower interest rate loans more easily and at a deducted expense with the new plan.?According to CNN Money, it?s estimated that the average?FHA borrower could save around $1,000?dollars a year.? Borrowers choosing to refinance will need to pay an upfront insurance premium, plus an annual fee of 0.55%. This plan will reduce the upfront?FHA insurance premiums from?1% of the borrower?s loan balance, to 0.01%?These fees being announced are quite the contrast from?the cost of?receiving?an FHA loan today. Find more information on obtaining an FHA loan here.

This entry was posted in Residential and tagged Downtown Seattle, FHA loans, Obama FHA loans, Reduction on FHA loans, Seattle, Seattle Home owners, seattle home refinancing, Seattle neighborhoods, Seattle Real Estate, Seattle Real Estate News, Seattle Residential, Seattle Residential News, WA. Bookmark the permalink.

Source: http://seattleandrealestate.com/2012/03/06/mortgage-refinance-cost-lowered-by-obama/

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