Thinking about refinancing your existing mortgage, or taking out a new one? Don’t delay, or it could cost you. Some Federal Housing Administration (FHA) changes involving tighter lending standards and higher mortgage insurance premiums already took effect on April 1st, while others are on the way – and these changes could make a dent in your wallet.
So what’s prompting these changes? They come in the wake of the FHA’s Mutual Mortgage Insurance Fund – which is used to fund homeowner programs – announcing a deficit of over $16.3 billion for fiscal year 2013.