Troy Hansford for Denver Real Estate | 303-617-0607 | HansfordTeam@TroyHansford.com
          

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How an FHA Loan Can Reduce Your Mortgage Payment

I recently received an email I wanted to share with you about how you can save money on your monthly mortgage payment.

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If you are thinking about taking out a new loan, you might want to consider an FHA loan. I recently received an email letting me know how FHA loans can save you money on your monthly mortgage.

So how can you save some money on a new loan?

FHA has reduced their mortgage insurance premium. Currently, if the loan amount is $350,000, you pay 0.85% toward the mortgage insurance, which is $2,975 a year. With the new premium, you’ll only pay 0.60%, which would drop it down to $2,100 a year.

Monthly, that takes you down from $247 to $175!

This is a pretty significant change, as it allows you to afford more home and keeps you from spending so much on mortgage insurance.

If you would like some more information on FHA loans, or if you have any other questions, please feel free to give me a call or send me an email. I would be happy to help!