The Federal Housing Authority has cut the PMI (Private Mortgage Insurance) rate on FHA mortgages. The rate was cut by a half of a percent from 1.35% to .85%. What does that mean for you, a Nashville homeowner? It means that NOW it’s a great time to refinance or purchase a new home!
The FHA PMI is essentially a guarantee that you’ll pay the mortgage. When the down payment isn’t high enough, PMI helps defray the risks to banks. It’s basically an insurance policy on you. Dropping that rate is so huge; it’s saving people hundreds and hundreds of dollars a year! What could you do with all that money you save?
The point here is that it’s time to refinance or buy that new home. If you’ve been putting it off, waiting for the right time, that time is NOW. There hasn’t been a better time to refinance or buy a new home in the last few years, really. With lower interest rates and home values starting to skyrocket, you need to jump on board right now.
Nobody makes it easier in Music City to get a new home purchase or refinance your mortgage. Call (615) 810-8555 or visit www.thehomeloanexpert.com/nashville to apply online today.