An idea that is taking capture of the industry is that of FHA streamline refinances calculated with the original terms of lower monthly mortgage insurance. Originally, Monthly MI through FHA was set at .55% with financed MI at 2.15% while currently FHA has it monthly set at 1.15% and financed at 1%. Sure, financed MI has dropped but monthly has increased and this is truly what effects your payments the most of the entire life of the loan. If FHA were to create a new structure of streamline refinances that would allow borrowers to calculate the monthly MI based on the factor at the time of purchase, this would allow them to gain a greater savings on their refinance. Check out the video below to learn more and PLEASE pass this along so we can continue this important movement to help our borrowers.
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