Save Money with Helpful Mortgage Companies in Georgia

Adam Van Brimmer's article for the Savannah Morning News touches on the new Federal Housing Administration (FHA) guidelines regarding mortgage insurance. Starting June 3, the FHA will require a good number of borrowers to keep mortgage insurance for the life of their loans, or for at least 11 years if they've paid a 10 percent down. This new ruling overrides previous exemptions that allowed borrowers to drop mortgage insurance as soon as they've accumulated 20 to 22 percent equity. Mortgage insurance can make each monthly installment payment even more costly for the average homeowner; thus, a lot of buyers understandably seek to cancel their insurance packages to lower their bills. The new ruling, however, may complicate matters for buyers who are hoping to do away with mortgage insurance payments altogether. Luckily, reputable mortgage companies in Georgia, like Churchill Mortgage Corporation, offer to cancel their clients' mortgage insurance to help reduce costs.

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