Refinancing a mortgage can positively impact your monthly budget and help pay down your mortgage faster. Are you wondering if it's the right time to refinance? Our answer is always -- maybe. Your situation is unique to you and it's in your best interest for us to evaluate it before deciding is a refinance is in your best interest.

A reduction of one or two interest points has the potential to save you tens of thousands of dollars over the life of your loan, but there are many other factors to consider before committing to a refi. Our loan officers first compare your current mortgage interest rate, your credit score, market interest rates, and available loan options. Then, we provide you the best list of options to support your financial health.

This list includes a few of our refinance loan options, contact one of our loan officers today for a free mortgage refinance evaluation and to learn which is best for your unique situation.

 
VA Loans

Guaranteed by the Veterans Administration, VA Home Loans are mortgages designed to support veterans, active service members, and eligible surviving spouses. Aside from the veteran's Certificate of Eligibility and the VA-assigned appraisal, the application process is fairly similar to many other types of mortgage loans. Disabled veterans and their surviving spouses are exempt from funding fees, while other qualifying borrowers can roll these fees into the loan.

 Key Advantages of VA Loans:

  • No down payment when the sale price does not exceed the appraised value
  • Seller can pay closing costs
  • Typical interest rates lower than standard rates
  • Relaxed qualification standards
  • Refinance up to 90% of home value
  • Roll funding fees into the loan amount

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USDA Loans

USDA Mortgage Loan (also known as a Rural Housing Loan) is a program guaranteed by United States Department of Agriculture that includes a low guarantee fee. The home being mortgaged must be the buyer’s primary residency in a qualified USDA area and there are specific USDA income eligibility requirements. This is good mortgage option for first-time homebuyers, move-up buyers, and owners looking to refinance in specific USDA areas.

 Key Advantages of USDA Loans:

  • No down payment is required
  • Finance up to 100% of the property value
  • Add all fees and costs to the loan, including the guarantee fee
  • No loan size limits
  • Refinance current USDA loan via USDA Streamline Pilot Refinance Program with no appraisal, options to finance all closing costs

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FHA Loans

The Federal Housing Authority (FHA) offers a variety of loan programs with fixed or adjustable interest rates. These are attractive mortgages for many buyers as they require very little money down and gifts can be used for down payments and closing costs. The qualifications for these loans are more lenient than traditional mortgages and are a great option for first-time home buyers. Refinances under this program can be streamlined to close faster with reduced documentations and underwriting required for loan approval.

 Key Advantages of FHA Loans:

  • Required down payment is only 3.5% of the purchase price
  • Money for the down payment can be a gift to the home purchaser from outside sources
  • Seller's concession is up to 6% of home purchase price
  • Bankruptcy or foreclosure does not necessarily disqualify a borrower
  • FHA mortgage can be refinanced up to 97.75% of the value of the home
  • Cash–out refinance available up to 85% of the value of the home

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Conventional Loans

Conventional Loans are a good choice for borrowers with good credit and funds for a down payment ranging from 5–20% of the home purchase price. These are not insured or guaranteed by the federal government, but there are no requirements for upfront mortgage insurance premiums or funding fees. Conventional mortgages are available for almost any type of property and include options to support owners where property values have declined through Home Affordable Refinance Program (HARP).

 Key Advantages of Conventional Loans:

  • Borrow for primary, secondary, vacation or investment properties
  • Designed for borrowers with strong credit and down payment
  • No requirements for upfront mortgage insurance premiums or funding fees
  • Option to cancel Private Mortgage Insurance (PMI) at 80% loan-to-value ratio
  • Refinance up to 125% loan-to-value ratio on declining valued property through HARP

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