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Refinance

We offer mulitple programs to refinance your current mortgage, including options for conventional, FHA, USDA, VA and jumbo loans.

Conventional Rate and Term Refinance

When a person has a current mortgage and would like to take advantage of the current market’s lower rates, this is accomplishing by refinancing the loan to a new interest rate and payment term. The amount of the loan is usually just enough to pay off the existing mortgage. It is possible to include the closing costs of the loan if there is sufficient equity of the home.

Conventional Cash-out Refinance

If a person owns a home that is worth significantly more than the current mortgage, they have positive equity. Homeowners can borrow up to 80% of the appraised value of the home if they meet the loan requirements. This money can normally used at the discretion of the borrower.

Fannie Mae DU Refi Plus

Fannie Mae DU Refi Plus is a temporary program offered through the President’s HAMP program http://www.makinghomeaffordable.com. If your property is owned by Fannie Mae (you can check here) and you did not have mortgage insurance with your initial loan (80% or less LTV), you will not be required to carry mortgage insurance on the new loan. Another advantage is that you can refinance at today’s current low rates up to 105% with an unlimited CLTV so long as the second mortgage company is willing to subordinate.

Freddie Mac Open Access

Freddie Mac Open Access is a temporary program offered through the President’s HAMP program http://www.makinghomeaffordable.com. If your property is owned by Freddie Mac (you can check here) and you did not have mortgage insurance with your initial loan (80% or less LTV), you will not be required to carry mortgage insurance on the new loan. Another advantage is that you can refinance at today’s current low rates up to 105% with an unlimited CLTV so long as the second mortgage company is willing to subordinate.

FHA Rate and Term Refinance

For borrowers that are paying on a mortgage with an interest rate higher than current market rates, a rate and term refinance can help lower monthly payments and save interest. This type of loan is designed to take advantage of better rates without getting cash back for other purposes. The costs are kept in check by FHA rules and the credit requirements are slightly relaxed in comparison to other types of mortgages.

FHA Streamline Refinance

This loan is designed to make refinancing to a better rate extremely simple. Borrowers that currently have an FHA mortgage that has been paid on time for the past 12 months can refinance to a lower rate without the need for a new appraisal or a full credit report.

FHA Cash Out Refinance

FHA rules allow homeowners to borrow up to 85% of the property’s value in order to get cash. The cash can be used to pay off other loans or the borrower may wish to combine their existing 1st mortgage and 2nd mortgage into one payment.

FHA Reverse Mortgage

Borrowers that are at least 62 years old and have a paid off home or nearly paid off can utilize the FHA reverse mortgage to increase their monthly cash flow. Homeowners will receive a set monthly amount based on the mortgage loan. Borrowers do not have to repay the loan so long as they continue to live in the home.

FHA 203k Rehab

The 203k loan is designed to finance improvements to a home. This can be accomplished in one of three manners

  • Current homeowners can use the 203k loan to make necessary improvements to the home.
  • Current homeowners can refinance their existing loan and combine the necessary funds for home improvement so that the borrower only has one mortgage.
USDA Rural Housing Refinance

Homeowners who currently have a USDA mortgage and are current on their mortgage payments may apply for a streamline refinance. This refinance is designed to lower the monthly payments by taking advantage of rates that are better than the homeowner’s current interest rate. The streamline refinance does not allow the borrower to receive any cash for other purposes.

VA Rate and Term Refinance

VA borrowers that have a mortgage with a rate higher than current interest rates may be eligible for a rate and term refinance. If the existing mortgage balance combined with necessary loan costs does not exceed 90% of the homes current value, then the borrower can refinance the loan to take advantage of better rates or a better term or both.

VA Streamline Refinance (VA IRRRL)

The VA offers the Interest Rate Reduction Refinance Loan (IRRRL) to help borrowers when market rates drop. A homeowner that is currently making payments on a VA loan can refinance to a lower interest rate without the need for an appraisal or a credit report, provided that the last 12 mortgage payments have been paid on time.

VA Cash Out Refinance

Current borrowers paying on a VA mortgage can refinance their loan and use equity in their home to pay off other bills or debt. The VA guidelines allow borrowers to finance up to 90% of the appraised value of the home.

Jumbo Refinance

Refinancing a jumbo mortgage is similar to refinancing a conventional or government loan. However, some of the costs associated with refinancing are calculated on the loan amount. Therefore, it is wise to speak to a mortgage banker with experience dealing in jumbo mortgages in order to determine if the overall cost of refinancing is beneficial in the long run. Just like a purchase, a jumbo loan can be refinanced up to 90% of the home’s value. This can be done to take advantage of better rates, switch from an adjustable rate to a fixed rate, or convert to a different term.

Jumbo Cash Out Refinance

A cash out refinance Jumbo mortgage allows homeowners to use the equity in their home to pay off other debts. Homeowners can also combine a first mortgage with an existing second mortgage in order to have one monthly payment.

Wisconsin Wheda Refinance

Wheda, a popular no to low down payment loan offered only in Wisconsin, has
decided to start offering a Wheda refinance. Contact us for details.

 

Related Blog Posts:

  • How to Decide if You Should Refinance
    The unbelievable low mortgage rates of the past two years have generated a lot of refinance loans. However, experts indicate that borrowers need to look at the big picture and make sure it is a good time to refinance before talking to a lender.
  • Costly Mistakes Not to Make in The Refinance Process
    Mortgage rates are low and lenders are urging people to refinance. Before signing on the dotted line it is a good idea to review a few items to ensure you don’t make some costly mistakes in the refinance process.
  • Types of Refinance Loans Available
    Rates have hit a 40 year low point and people are scrambling to take advantage by refinancing their home loans. The process of refinancing is very similar to buying a home. In most cases customers will need to complete a full application and there will be a new appraisal and title search conducted on the property. Refinancing is not a difficult task but each type of loan has a few rules to abide by.