Better Move Fast Premiums Going Up

March 31, 2010 by Eleanor Leave a Comment

April 3rd is the last day to get the cheaper mortgage insurance premiums /financing rates for FHA loans.

As of April 4th, MIP, or FHA’s version of PMI/ mortgage insurance, rises from 1.75% to 2.25%, for any application submitted for loan approval.

Buyers have 75 days after application to go to settlement to have the lower rate apply.

For the math challenged, that translates to $1,500 on a $300,000 note – almost reason enough to stop negotiating and make that offer.

If you are looking for the best FHA rates – call Steve and Eleanor Thorne, FFIS, 919-649-5058.

About Eleanor

I see myself differently than most loan officers in the Cary/Raleigh market. As a rare Cary native, I see myself as an expert on the area, on mortgage industry changes & factors that effect rates! I've lived in Cary since 1968 - and I'm second generation "mortgage." I work with my husband, Steve Thorne Mortgage Loan Originator #60596 Equal Housing Lender More About Me