Are You Over Paying Each Month?
It Doesn’t Hurt To Check!
A mortgage refinance is the replacement of an existing mortgage with another mortgage under different, and in most cases more favorable terms. A home refinance may be able lower your current interest rate, eliminate MI or PMI monthly, consolidate debts etc., which can add up to significant savings. Dave and his team can keep you informed and provide the details you need to determine when a refinance may be in your best interest.
Reasons To Consider A Home Refinance:
- Reduce your monthly mortgage payment: Mortgage rates are still very low. A refinance with Dave and his team may help you lower your monthly debt payment obligations and possibly save you money.
- Consolidate high interest debt: You could pay off those higher-interest debts by refinancing with a lower rate. Even with less-than-perfect credit, we can help you lower your monthly payment and pay off your higher-interest debt. By consolidating your payments into one low monthly payment, you can pay less each month, lower your debt, and improve your credit score.
- Pay Off Your Mortgage Faster: The shorter the term on your mortgage, the lower your mortgage rate. Did you know that you may be able to take advantage of today’s competitive rates by shortening the term of your loan (which means paying less interest) without a significant change in your monthly payment?
Home Refinance Loan Program’s:
VA Streamline Refinance
Military veterans who are currently in a VA home loan, may qualify for VA IRRRL or VA Streamline loan which simplifies the refinance process while ensuring the new VA loan meets the VA’s refinance guidelines. The new rate is based on your current credit score but no income documentation is needed. Most VA IRRRL’ also don’t require an appraisal. We will help you determine when VA IRRRL refinance is in your best interest.
FHA Streamline Refinance
The FHA IRRRL or FHA Streamline Refinance is quick and easy! Since you are currently in a FHA loan and since you have not paid any mortgage payments 30 days past due in the last 12 months, you may be eligible for a FHA Streamline Refinance that will help lower your rate and payment on your existing FHA loan. The FHA Streamline Refinance is the program in which the FHA uses that removes all the headache and hassle of a typical refinance.
If you currently have an existing conventional refinance, a rate and term refinance may be an option that will help lower your rate and payment. In some cases, we are able to get an appraisal waiver which allows us to do a refinance without an appraisal. An appraisal waiver is completed on a case by case basis but we will work with you to identify exactly what will be needed to complete a conventional refinance for you.
Although conventional loans are available to everyone, they can be more difficult to qualify for than VA and FHA loans. Since there is no government insurance, conventional loans pose a higher risk for lenders, so credit and income requirements are stricter than for FHA, VA and USDA mortgages.
USDA Streamline Refinance
Like VA & FHA Loan’s, a refinance on an existing USDA loan is a straightforward process.
When Is The Best Time For A Home Refinance?
Any time you are able to lower your monthly payment obligations, that’s the best time to consider a refinance .We offer information on a variety of mortgage refinancing rates and options and it never hurts to check in and confirm you have the lowest available payment. When you are ready to take the next step, contact Dave and his team. We can advise you on which mortgage refinancing program meets your needs.
Have questions? Give us a call! One of our mortgage specialists would be happy to answer all of your questions.