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5 reasons you may want to refinance your Texas home this year
5 reasons you may want to refinance your Texas home this year. I know the market well and McKinney home owners can save thousands by refinancing, especially exiting FHA home owners.
Mortgage rates are near historical lows, but could climb. The Federal Reserve raised the Prime Rate this year and may raise it again this month. Mortgage rates may eventually follow, even though they’re not directly tied to the Prime. If your mortgage rate is more than 1% above current rates, it could make sense to refinance soon.
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Home prices have risen. In many areas, prices are up and so is owner equity. If your home’s value has risen, you may be able to:
• refinance with better terms;
• drop private mortgage insurance when your equity reaches 20% of your home’s value;
• put money in your pocket with a cash-out refinance.
• If you have an FHA mortgage you could drop your monthly mortgage insurance that stays with your loan for life.
Paying MIP for life suggests that you’ll make mortgage insurance premium payments to the FHA from today until the day you die. The truth is something different.
The FHA’s official policy states that loans with ... more

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