Refinance to a Lower Rate

LOAN OPTIONS

Have You Heard? Refinance and Remove FHA Mortgage Insurance

Aerial view of a neighborhood
Aerial view of a neighborhood

LOAN OPTIONS

Have You Heard? Refinance and Remove FHA Mortgage Insurance

Refinance Your FHA Loan

Refinancing your FHA loan to a conventional mortgage may clear room in your monthly budget, especially with interest rates hovering at historic lows. Removing FHA monthly mortgage insurance, it could result in a lower monthly payment and big savings. 

FHA Mortgage Insurance

By refinancing your FHA mortgage to a conventional mortgage, you may be able to get a lower rate and/or eliminate your monthly mortgage insurance. FHA monthly mortgage insurance is paid for the life of the loan regardless of how much equity you have, unlike a conventional mortgage.

Conventional Mortgages

Conventional loans allow mortgage insurance to be cancelled once you owe less than 80% of the home’s value and that is 80% of its current value, not what you paid for it. With today’s rising home values, you may be surprised how much equity you have.

FHA Mortgage Insurance

By refinancing your FHA mortgage to a conventional mortgage, you may be able to get a lower rate and/or eliminate your monthly mortgage insurance. FHA monthly mortgage insurance is paid for the life of the loan regardless of how much equity you have, unlike a conventional mortgage.

Conventional Mortgages

Conventional loans allow mortgage insurance to be cancelled once you owe less than 80% of the home’s value and that is 80% of its current value, not what you paid for it. With today’s rising home values, you may be surprised how much equity you have.

How Much Equity Do I Have?

 

To establish 20% equity, you can either have a home appraisal that states you have 20% equity in your home (usually conducted during the refinance process) or pay down your current loan down to get to 20% equity. The end result of refinancing could be a lower monthly payment and big savings. Contact us today for a mortgage review to discuss your refinance options.

Locate a Mortgage Loan Officer near you.

Find a Mortgage Loan Officer

Need help? Give us a call.

800.327.9862

We’ll get right back to you.

Send Email
United Bank is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Reserve, Federal Reserve Consumer Help, PO Box 1200, Minneapolis, MN 55480.
This is not a commitment to lend. Mortgage products and services are offered through United Bank. All loan applications are subject to credit and property approval and must meet loan program requirements to qualify. Annual Percentage Rate (APR), programs, rates, fees, closing costs, terms and conditions are subject to change without notice and may vary depending upon credit history and transaction specifics. Other closing costs may be necessary. Flood and/or property hazard insurance may be required.  Speak with a Mortgage Loan Officer for more specific information.
United Bank and its representatives do not provide tax or legal advice. You should consult your individual tax or legal professional before taking any action that may have tax or legal consequences.