Borrowers whos FHA loans were issued before June 1, 2009 will be interested to know that they are eligible to take advantage of the savings Obama announced?this afternoon. Many borrowers with federal issued mortgages will have the opportunity to refinance with lower interest rate loans more easily and at a deducted expense with the new plan.?According to CNN Money, it?s estimated that the average?FHA borrower could save around $1,000?dollars a year.? Borrowers choosing to refinance will need to pay an upfront insurance premium, plus an annual fee of 0.55%. This plan will 
Source: http://seattleandrealestate.com/2012/03/06/mortgage-refinance-cost-lowered-by-obama/
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