One of our very trusted mortgage lenders in St George Utah says that loan terms are improving.  I spoke with Steve Stout and Chantry Abbott at SGI Mortgage.  The FHA on the January 15th lowered their monthly mortgage insurance premium by 50 basis point.   It used to be that you take the loan amount times 1.53 percent, times the loan amount, divided by 12.  Now it is loan amount times .85 percent divided by 12. Depending on your loan amount that could be  anywhere from 50 to a 100 dollars a month savings.

For those new to the scene, the mortgage insurance premiums went up and the up front amount you had to pay, based on our recent housing disaster, such that these types of loans could be looked at as less desirable.  Well, they’ve been easing up some as evidenced here by lowering the premium.

Next year Hud anticipates that 100 to 200 thousand FHA-insured buyers will refinance.  But if you are in this boat and thinking of refinancing, you also might check in with other loan programs as there might be a better loan program with still a very low interest rate.

Steve reports that interest rates are at all time lows.  The FHA rate yesterday was, with a couple discount points, at 3.25% and about 3.875% for conventional.

Steve and Chantry, Your Trusted Mortgage Lenders in St George UtahI’ve been referring business for 10 years over to Steve and Chantry at SGI,  as an excellent Mortgage Lender in St George Utah, and fully endorse them as a reputable place of doing business in an honest and decent manner.  Everyone has been fully pleased and satisfied with their services.  I refer them with confidence.  You don’t specialize with retirees for 10 years and not know a pattern guaranteeing they are  rather served to the fullest.  I’ve had nothing but good things said from having referred them as a source to trust!