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Rates are flat today. Today’s rates with no lender fees are 3.625% APR on a 30 year, 2.875% APR on a 15 year and 2.875% APR on a 10 year. (click here for details)

Today is a FHA streamline refinance update. The June 11th release date for the reduced mortgage insurance premiums is right around the corner and if you currently have a FHA loan you should be paying close attention to this video.
Check it out in today’s video:

Your current FHA loan must have been insured by FHA before June 1st 2009. This program is designed to help those of you that are currently making your mortgage payment and can’t refinance due to the fact that your house lost value or it didn’t make sense to do so after HUD increased the mortgage insurance premiums.
So now with the reduction in mortgage insurance for this program, it makes financial sense to refinance your current FHA loan into todays crazy low rates. This is really perfect timing for those of you looking to take advantage to this program. Rates are amazing right now.
Now the two changes that occurred on this program is the lowering of both mortgage insurance premiums. Lets break it down.
The current upfront mortgage insurance on a FHA loan is 1%. That will be reduced to .01% of the base loan amount.
The annual mortgage insurance (also known as monthly) is currently 1.15% and will be reduced to .55%
This breaks down to a $110 savings a month on a $200,000 mortgage. That is a huge difference in payments. That is just the reduction in the current PMI structure.
Rates on a FHA mortgage today are in the mid 3’s depending on your unique loan scenario. If you are eligible for this program you will be saving some serious coin on your mortgage in a few days.
Remember – A streamline refinance has: No appraisal, No income verification and very little to no closing costs. Not bad in todays environment when values are not so great.
I know it almost sounds to good to be true but it’s not. However, because this program is so fricken awesome, you do have some lenders out there selling higher rates.
Why you ask? Well, it’s all about the Benjamins. So you still need to either shop lenders OR just use a Rates in motion approved lender. Then you will know for sure you are getting the best possible deal.
If you thought this was good information or worth discussing, help me bring transparency to mortgage lending by sharing today’s episode on Facebook or Twitter.
Let’s change the way people shop for a mortgage…forever!
– Mike
PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below.

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