FHA Mortgages in Maple Grove, MN are about to get more expensive
If you are in the market to buy a home and are looking for a great 30 year fixed mortgage with a low 3.5% down payment and low interest rate then chances are you are looking to finance that new home with an FHA mortgage.
On April 18th 2011 your mortgage will get more expensive so lets run some numbers so you can see.
Current FHA mortgage if locked today:
$100,000 loan amount
Current monthly mortgage insurance payment .9% of loan amount/ 12 months = $75/mo.
On April 18th, 2011 MI will increase to 1.15% of loan amount/12 months = $95.83
As you can see FHA Mortgages in Maple Grove, MN are about to get more expensive to the tune of $20.83 a month, $249.96 a year or $1,249.80 over 5 years.
If your mortgage amount is $200,000 then your five year MI increase would total $2,499.60.
Now is the time to find your property and get an offer made and get your FHA case # pulled prior to April 18th to lock in your lower monthly mortgage insurance rates now because FHA Mortgages in Maple Grove, MN are about to get more expensive
Call me, Chad Ronning today at 612-250-1544 to talk about getting pre-qualified.
FHA Mortgages in Maple Grove, MN are about to get more expensive
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