Many West Palm Beach residents are trying to figure out a way to trim monthly expenses as we begin 2015. The new year is always a great time to think up new ways to reduce all your monthly reoccurring costs. Cell phone, Cable/internet, Credit card interest, and of course your mortgage. Taking a few minutes to compare these costs could end up saving you hundreds each month. If you haven’t considering a refinance on your FHA mortgage, now be the time, especially if you received a FHA in the last few year. Why? Recent FHA mortgage insurance reductions and super low interest rates.
FHA just announced last week that starting at the end of the month, the monthly mortgage insurance rate ( MI or 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 West Palm Beach homeowners that received a FHA over the last few years at the higher 1.35% MIP rate. This is especially big news for West Palm Beach homeowners that have higher FHA loan amount – over $225,000 as their savings for be much more. The reduction in just mortgage insurance will save the average Florida homeowner $900 per year. Add to this that home loan interest rates happen to be at the lowest point over a year and refinancing makes even more sense. The monthly savings of a streamline FHA refinance could amount to possibly hundreds a month.
West Palm Beach homeowners that currently have a 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”
Also homeowners that do have equity can inquire about the FHA cash out refinance options available in 2015. Home interest rates are so low it often makes sense to cash out equity to pay off higher interest debt like credit cards, car loans, etc.
All Florida homeowner are encouraged to contact us for more information, 7 days week. For quick service please submit the “Request Contact” form at the top right side of your screen. Mobile users can find the short Request Contact Form here.
Five Stars Mortgage is Florida’s local FHA loan resource serving Palm Beach County 7 days a week – Atlantis, Belle Glade, Boca Raton, Boynton Beach, Delray Beach, Glen Ridge, Golf, Greenacres, Gulf Stream, Juno Beach, Jupiter, Lake Park, Lake Worth, Lantana, Loxahatchee, Manalapan, Mangonia Park, North Palm Beach, Ocean Ridge, Pahokee, Palm Beach, Palm Beach Gardens, Palm Beach Shores, Palm Springs, Riviera Beach, Royal Palm Beach, Tequesta, Wellington and West Palm Beach FL
West Palm Beach FHA Mortgage Refinance Guide