If you have an FHA mortgage, you may want to switch to a Conventional | Homespire Mortgage

If you have an FHA mortgage, you may want to switch to a Conventional | Homespire Mortgage

hey if you have an fha loan listen up you're going to want to hear this look we've all been there you're a first-time homebuyer you're worried about having enough money for a down payment and an fha loan just makes sense for you because of its more flexible underwriting standards fha loans require that you pay mortgage insurance premium there's also an additional upfront charge of 1.75 of the total loan amount that's traditionally financed into the loan currently rates are at historic lows so now might be a great time if you have an fha loan and you're planning on staying in your house long term to graduate from that fha into a conventional loan now let's talk about conventional loans shall we conventional loans are a bit different in general if you put down less than 20 percent you may have to pay mortgage insurance but if you work with a homespire loan officer they may be able to work their magic and help you eliminate that mortgage insurance altogether whether you put down 20 or not if you do have to pay mortgage insurance on your conventional loan once you hit 22 equity it drops off forever with an fha loan though you pay that mortgage insurance for the life of the loan no matter how much equity you've earned fha loans are great and really open doors for so many people who might not have otherwise been able to become homeowners but if you have an fha loan now is a great time to consider refinancing to a conventional loan so you can drop that mortgage insurance rates are so low right now so in any event it's a great time to refi if you have any questions please give us a call a homespire loan officer is always available to crunch the numbers to see if a refinance is right for you in your particular situation if you like this video please give it a thumbs up and be sure to subscribe and hit that notification bell so you don't miss out on future videos and if you have a burning mortgage-related question leave it in the comments below and maybe your question will be featured in a future video


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