Recent market volatility has had an impact on the housing industry, but it’s not all bad news for prospective home buyers. In fact, there’s some great news for those who are receiving FHA financing and paying mortgage insurance. Starting in March, these buyers will see a significant drop in their monthly fees, from 0.85% to 0.55%. This change is expected to benefit around 850,000 borrowers this year, resulting in an average savings of $800 annually.
The actual savings will vary based on the loan amount. For instance, a person with a $500,000 FHA loan will save $1,500 annually. This is great news for anyone looking to purchase a home and reduce their monthly costs.
At Millennium Mortgage Group, we’re committed to helping homebuyers find the best financing options available. We understand that purchasing a home is a big decision, and we want to help make the process as smooth and stress-free as possible. With this new reduction in mortgage insurance fees, we want to ensure that our clients are aware of the potential savings available to them.
If you’re in the market for a new home, we encourage you to fill out our quick home qualifier on our website. This tool will help us determine what type of loan best fits your needs and how much you can pre-qualify for. With our help, you can take advantage of this new reduction in FHA mortgage insurance fees and save money on your monthly mortgage payments.
At Millennium Mortgage Group, we’re dedicated to providing exceptional customer service and helping our clients achieve their dream of homeownership. Contact us today to learn more about the financing options available to you and how we can help you save money on your mortgage payments.
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