FHA Mortgage Insurance Rates To Drop

Dated: 01/19/2017

Views: 236

Everyone has been hearing about how on January 27th the FHA Mortgage Insurance Rates are being lowered. What is Mortgage Insurance? Well simply as I can put it, it's insurance you the borrower pays to tell the investor that "hey I'm not going to default on the mortgage but if for some crazy reason I did, I'm paying this insurance to you so that your risk is lower." What that also means is the mortgage insurance rates factor into your purchasing power when qualifying for a mortgage. This means with a decrease in rate you may be qualified to buy more home for your money. 

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The best way to figure out which loan product is best for you and what your buying power is, well contact a lender of course. As I always say, contact one where you are shopping for your home too. Online lenders are great and provide great services, but they don't know your market area like the back of their hand. They don't live there, they don't play there, they don't really know what the market has been doing in the area. With that said, if you'd like the names of a couple of great lenders who not only specialize in FHA Loans but VA and Conventional and Jumbo and all kinds of loan products call me 719-373-9864.

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Brandy Brown

I am a seasoned Realtor who is a Military Relocation Expert. I reside and work in Colorado Springs, Colorado including Ft. Carson and the Pikes Peak Region. I have been a Real Estate Professional for....

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