If you’re considering refinancing with today’s best mortgage lenders using an FHA home loan, you should know that mortgage insurance premiums will be going up soon. Other fees for mortgage refinancing are also set to go up as Congress funded the payroll tax extension program with new mortgage fees. Here’s an article by Dan Green of the Daily Mortgage Reports with all you need to know about the fee hikes:
Today’s article is titled “Act Today And Beat The Mortgage Fee Increase”. It’s about the December 2011 Payroll Tax Extension program that passed into law. The government voted to finance the tax break’s $33 billion price tag via fees collected on new mortgages. If your next mortgage is either conventional or FHA, therefore, be prepared for new, mandatory loan fees.
One interesting point to notice is that as soon as the FHA announces the increase it will be more difficult to qualify for the FHA streamline refinance. Mortgage Insurance premiums on FHA backed home loans aren’t the only thing going up. The fee hikes are expected to add .125% to current mortgage refinance rates.
If you’re in the market for the lowest refinance mortgage rates your best bet for beating the payroll tax fees is to get started today. You can learn more about getting the lowest possible refinance rates without paying unnecessary fees or markup by checking out my free Underground Mortgage Videos.