Mortgage insurance premium reduction to take effect

Borrowers could potentially save hundreds under the new mortgage insurance premium reduction set to take effect later this month.

An analysis finds borrowers could potentially save an average of $446 a year.

The analysis found those with the biggest potential annual savings resulting for the reduction would be in southern California and Hawaii.

Mortgage insurance is what a borrower pays when making a down payment of less than 20-percent.

For more information, visit http://www.realtytrac.com/news/mortgage-and-finance/2017-fha-premium-cut-impact-analysis.

 

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