How to Pay Off Your Mortgage Faster with FHA Term Reduction
Could you save tens of thousands of dollars on your mortgage for less than most Americans spend at the coffee house each month? Yes! According to the new rules, FHA streamline refinancing will now allow homeowners to save money by refinancing with an FHA streamline loan to reduce their term length. Those who have tried without success to refinance their FHA loans in the past can now re-apply.
This is a lucrative opportunity for FHA loan holders. For example, simply reducing the term of a 30-year mortgage with a balance of $100,000 by five years with an FHA streamline would save the homeowner up to $30,000 in payments– and it could do so for a monthly payment increase of less than $50.
What would you do with up to $30,000 or more in savings? Pay for the kids’ college educations? Put it toward your retirement fund? Spend more time traveling? It’s time to invest in yourself–not your latte. See how much you can save with FHA streamline refinancing.
The Benefits of Term Reduction Refinancing with FHA
- Skip a mortgage payment with FHA Streamline
- Possibly reduce or eliminate your mortgage insurance premium
- No appraisal required in most cases
- Retire on time
- Save for your children’s college educations
- You could save up to $30k or more for less than $50 per month*
- NLC Loans Five Year Rate Guarantee gives you peace of mind
- Put money in your pocket instead of the bank’s
- Pay off your home faster
- Invest in yourself and your future
*Based on ideal scenario. Your savings may be more or less than $30,000.
As a result of refinancing, your total finance charges may be greater over the life of the loan. Ask your NLC Loans Personal Mortgage Advisor for more details.