Know The Current FHA Mortgage Rates
While you might think that you have your whole housing cost structure figured out, when you opt for an FHA mortgage there are things you need to know about. FHA mortgage insurance is one of these things; as well, how the current FHA mortgage rates are going to impact the amount that your house winds up costing.
What You Need to Know About FHA Mortgages
- FHA Rates: The current FHA Mortgage Rates offered are still in line with the rates offered on a conventional mortgage. This is one of the reasons that the FHA mortgage remains so popular. Borrowers can depend on the cost of their current FHA rate only being impacted by any additional add-ons.
- Add Ons: One of the main factors that will be included with an FHA mortgage is the required mortgage insurance. You won’t have to make as high a down payment as typically required, and you will get competitive FHA Mortgage Rates, but you want to be sure that you factor the mortgage insurance into your monthly expenses. In many cases the monthly mortgage insurance amount is something that will be carried through for the life of the loan.
- Low: Luckily for most borrowers, the FHA Rates which are currently posting are very affordable. People are scrambling to buy up all of the homes that they can because the FHA rates and the general broad mortgage rates are bound to rise again soon. They have been saying that for some time but the simple fact is that when it gets down this low, the brokerage houses aren’t making any money on the loans.
If you have been in the dark about the benefits of an FHA mortgage or FHA loan and you think that you may qualify that’s great news. Do yourself the favor of partnering with a group who can help. Paramount Equity® has a full lineup of services to help home buyers with questions.