More than one in three homeowners with mortgages backed by the Federal Housing Administration could stand to save money by refinancing now that the agency has lowered its annual mortgage insurance premium, according to a study released by the Urban Institute. As a result of last month's half a percentage point cut in premiums, UI researchers estimate that roughly 2.4 million existing FHA borrowers could benefit by refinancing their mortgage at the lower premium.
Out of the estimated 4.4 million borrowers who are eligible for refinancing and could benefit, the group made three separate estimates for expected refinance candidates based on how many can afford the initial costs of refinancing and how many would benefit measurably from the savings. Estimates range from about 1.7 million refinances if borrowers wait until their annual savings hit 1 percent to about 3 million if they act much sooner.
After months of waiting, Zillow has finally been cleared for its acquisition of Trulia. The company announced Friday afternoon that it could close the acquisition of San Francisco-based Trulia this week, following the conclusion of a Federal Trade Commission investigation. According to Zillow, the combined company will retain the Trulia brand and maintain two distinct consumer brands that will allow the combined company to quote--continue to offer differentiated products and user experiences.