Home Editorials When should I consider refinancing my home mortgage?
When should I consider refinancing my home mortgage? E-mail
Written by Gilbert Bennett, Mortgage Loan Originator   

In May 2013, Warren Buffet said to a Fox News reporter “...if you ever want to get a mortgage, today is the day to get a mortgage.”  It was a true statement then and it’s true again.  Rates are historically low and borrowers have more opportunities than ever to save on their mortgage payments.

In my opinion, the time is now for all borrowers who last purchased or refinanced prior to 2012.  And all FHA borrowers, more than 9 months of payment history should at least explore their potential savings – because of FHA’s recent major changes!
I’ll outline a few of them for you here starting with the newest ways to save:
I’ll outline a few of them for you here starting with the newest ways to save:

•    FHA Mortgage Insurance was reduced by 0.5% on 1/26/2015.  Couple that with historically
low FHA interest rates and the VAST MAJORITY of FHA borrowers from the last 15 years could
save significantly on their loan
•    FHA Streamline refinance – available to existing FHA borrowers.  No appraisal, no income
documentation, and no asset documentation required with a good mortgage payment history
•    If homes in your area are selling for 20% more than you owe on your home, talk to a realtor
and get a market analysis, b/c at 80% loan to value you can drop mortgage insurance
altogether and probably lower your interest rate as well with a standard refinance
•    HARP 2.0 – 2015 is the last year where mortgage giants Fannie Mae and Freddie  Mac will be
accepting HARP 2.0 refinances.  This great refinance program is only eligible to those
borrowers who financed their home prior to June 1, 2009 and haven’t already obtained a HARP
refinance.  If you purchased or refinanced prior to 6/1/2009 – check with a mortgage broker
to determine your eligibility for this great program before time runs out!

Gilbert Bennett is a licensed mortgage loan originator in the state of Florida with Tampa based, My Easy Mortgage LLC  www.myeasymortgage.com NMLS ID 1268485