Refinance Mortgage Programs

We understand that the mortgage process can be confusing and overwhelming. To help you sift through your refinancing options we put together this brief explanation of common mortgage programs. Please contact us for specific review of the options that may best suit your needs.

HARP-Home Affordable Refinance Program
Fixed Rate Mortgages
Adjustable Rate Mortgages
Executive/Jumbo Mortgages 
Investment Property Mortgages
Rehabilitation Refinance Mortgages
NO PMI Refinance Mortgages
Special Programs
FHA and FHA Cash Out Refinance Program

HARP-Home Affordable Refinance Program
You can find the most up to date information on President Obama’s Home Affordable Refinance Program by visiting this section of my website.
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Fixed Rate Mortgages
Fixed rate mortgages are loans where the interest rate for your mortgage stays the same for the entire term of the loan. Fixed rate mortgages are available in 10, 15, 20, 25 and 30 year terms. Generally, the longer the term of the loan, the higher the interest rate. Fixed rate mortgages are great loans for clients who anticipate staying in their home for a longer period of time. With a fixed rate mortgage, your interest rate and principal and interest payment will never change.
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Adjustable Rate Mortgage
Adjustable rate mortgages are loans where the interest rate on your mortgage is subject to change at some point during your loan term. Adjustable rate loans are available with repayment terms of 30 years.  However, the interest rate on your loan may only be fixed for a period of 1,3,5, 7 or 10 years – depending on the option you choose. For clients who will be staying in their home for a shorter period of time, an adjustable rate may offer a lower payment and interest rate.  NOTE: With an adjustable rate mortgage both your interest rate and monthly payment can increase.  Learn more about adjustable rate mortgages by clicking here.
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Executive/Jumbo Mortgages
Executive loans are mortgage loans in excess of $424,100. These loans typically range from $417,001 to $2 million dollars. These products can vary significantly from lender to lender. We offer executive mortgages under our fixed and adjustable rate products.
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Investment Property Mortgages
With our wide product offerings, we are able to offer financing on 1-4 unit properties. The amount available for financing will depend on credit score, number of properties owned and other factors. Our investment property options are available as fixed or adjustable rate products. Call us for details on our investment property options. Investment property options are generally limited to 1-4 unit properties.  Clients are allowed to finance up to ten properties in total including any primary residences and second homes (investors with more then 10 financed properties may be eligible under our portfolio loan programs).
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Refinance Rehabilitation Mortgages
If you are looking to refinance in order to remodel or do an addition to your home, we offer options that allow you to payoff your current mortgage and finance the improvements to your home.  Depending on your overall financial position and equity in the property, some of these projects may allow for financing with no cash investment required.  If you have limited equity or you will be over improving your home for your neighborhood, these projects can at times be difficult to accomplish.
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NO Monthly PMI
We are pleased to offer mortgage options that allow for NO PMI (Private Mortgage Insurance). These options are available on our fixed and adjustable rate mortgages. NO PMI options are available with loans that require anywhere from 5 to 15% equity. Eliminating PMI insurance may save you a substantial amount on your monthly payment and may save you thousands of dollars over the term of your loan. Contact our office to find out what options may be available to you.  NOTE:  All loans with less then 20% equity require some form of mortgage insurance.  Some loan structures allow for the elimination of monthly PMI insurance when a premium is paid in a lump sum at the time of closing or is paid by the lender.  Depending on your individual circumstances some options may be more favorable then others.
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Special Portfolio Programs
We are pleased to offer special portfolio loan programs for clients who may have a more unique need.  If you have a special or unique situation contact our office to discover the options that may be available to you.
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FHA Refinance Program
FHA offers a number of flexible refinance programs depending on your circumstances.  These options will typically allow you to refinance your existing loan and in some cases will allow you to take cash/equity out of your home.

The standard refinance program will allow you to borrow as much as 97.75% of your homes current value.  In this case, you can pay off your existing mortgage (including second mortgages and home equity loans in some cases).  Under the standard program you generally can include your closing cost into your new loan but you are NOT allowed to borrow any additional cash other than what is required to payoff any liens on the home and closing cost.

FHA also offers a streamline refinance program.  This program is only available to borrowers who currently have an FHA mortgage and want to refinance into another FHA mortgage to save money.  In most cases you do not need a new appraisal for this program and the qualification standards are easier to meet.  However, this option does NOT allow you to payoff any second mortgages and does not allow you to finance any closing cost into the new loan.  This will generally result in a client having to have money into the transaction at closing or accepting a slightly higher interest rate to avoid paying closing cost.

If you are paying off a loan and will be taking cash out of the home (cash out = cash back to you at the closing) you can borrow up to 85% of your homes value. The best part, is the interest rate and mortgage insurance cost are extremely competitive when compared to a conventional mortgage with the same structure. The proceeds of the loan can be used to payoff your mortgage, home equity loans, auto loans, credit cards or personal loans. Best of all, FHA has relaxed it’s property guidelines making it easier than ever to qualify for this type of program. If you need to consolidate debt, this program could be perfect for you.
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