Rich Iacovetta again with RMI Lending, bringing you what you need to know in the world of Real Estate and Mortgage Lending this week. Last week’s FHA’s mortgage insurance increase sent potential homebuyers into a panic. FHA decided to make up for this “little inconvenience”, by being nice to existing homeowners who already have an FHA loan. They decided to help you save money by DECREASING the upfront mortgage insurance to just .01% and monthly MI on FHA streamline refinances in California to .55% starting June 11, 2012. Many people with FHA loans from 3 or 4 years ago, have seen low interest rates in San Jose, CA, but they weren’t able to refinance, because FHA was raising the upfront mortgage insurance every year, so most people couldn’t save money by refinancing after all. Now under this decrease of mortgage insurance, and with rates being where they are, it’s possible you can save a couple hundred dollars or more each month on your mortgage payment with an FHA streamline refinance. IF you got your original FHA loan BEFORE June 1, 2009.

A Florida mortgage broker walked in to his bank wearing a Miami Heat ballcap to cash his $100 check, but when he walked out, he was surrounded by police, handcuffed and even given a boot to the head. Turns out a teller mistook him for another robber who wears a Miami Heat ballcap and she tripped the silent alarm. Now a jury has awarded him 3.3 million dollars for his pain and suffering. Now I know you’re thinking he’s not the only customer Bank of America has kicked in the head, but you know, I would gladly take a boot to the head for half of that amount. Heck you could billy club me for that. Just not in the face. I got a show to do each week.

Interest rates are still looking great under 4% this week and even if you are upside down or underwater on your mortgage you could refinance under the HARP 2.0 loan which is available this Monday, March 19th if your loan is owned by Fannie Mae or Freddie Mac. Don’t know if your loan is owned by Fannie or Freddie, call me, and I’ll let you know in 2 minutes or less and let’s see if I can lower your interest rate and save you hundreds of dollars on your mortgage each month. Thanks for watching, I’ll see you next week.