FHA Mortgage Insurance Premium Rate On Streamline Refinance Mortgages. There are two different types of FHA Mortgage Insurance Premiums: For FHA borrowers who had their FHA Loan prior to May 31, 2009, they are eligible for a reduction of their Upfront Mortgage Insurance Premium of 0.01% and an annual MIP of 0.55%.
Beginning June 11, 2012, FHA will lower its Upfront Mortgage Insurance Premium to just.01 percent and reduce its annual premium to.55 percent for certain FHA borrowers. Take a few moments and discover see how much money you can save each year with lower streamline refinance rates. The FHA streamline rates have declined to 3.25%. (3.39% APR)
Annual MIP For Older Loans. Annual MIP is similarly cheap for older FHA loans. For an FHA Streamline Refinance replacing an FHA loan endorsed prior to June 1, 2009, the annual MIP is 0.55 percent annually, or 55 basis points. 15-year fixed rate mortgages with LTVs of 78 percent or less pay no annual MIP.
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The FHA Streamline Refinance program gets its name because it allows. You can reduce the interest rate on your current mortgage without a full credit check,
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Current interest rates for a 30-year fixed FHA refinance are hovering around 3.5 percent, according to Mortgage News Daily. If an FHA refinance sounds like a good fit for you, visit the U.S. Department of Housing and Urban Development website’s lender list to find an FHA-approved lender near you.
With streamline refinances, the maximum loan amount you can refinance for is subject to a number of factors, which we shall discuss below.
If your FHA mortgage is current and at least six months old, you can afford closing costs and refinancing would reduce your term or rate,
See live mortgage rates from lenders who can help you with a VA IRRRL refinance. VA IRRRL rates change often, so be sure to check back daily.
Ellie Mae’s june origination report stated FHA loans are no exception – average mortgage interest rates decreased to 4.49% in June from 4.63% in May. And, homeowners are ready to take advantage of the opportunity to lower their monthly payments. An FHA streamline refinance allows current FHA homeowners to drop their monthly payments quickly.