If you have an FHA loan and the interest rates have fallen since you made your purchase, you may be eligible to refinance at current interest rates and lower your monthly out-of-pocket expenses. Or if you have an Adjustable Rate Mortgage (ARM), you may want to consider converting it into a fixed-rate loan so that you can lock in a lower interest rate and reduce your monthly payments.
Here’s another option to consider: decreasing your loan’s term. If the interest rate has dropped since you got your loan, you may be able to pay the same amount each month but own your home sooner. This can save you a significant amount of money in interest payments. Visit our blog to learn more about refinancing options.
Contact a Caliber Loan Consultant to discuss how much you can save by refinancing your FHA loan with Caliber.
Update the information below to estimate your monthly payment
Private Mortgage Insurance typically costs between 0.5% to 1% of the entire loan amount over 80% LTV on an annual basis.
Monthly Principal & Interests : $1145.80
Monthly Real Estate Taxes : $316.67
Monthly Insurance : $66.67
Monthly PMI : $0.00
Total Monthly Payments : $1529.13
Loan To Value Ratio : 80.00%
Months With PMI : 0 months