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 (aka President Obama Refinance Program)
Fixed Rate Mortgages
Adjustable Rate Mortgages
Balloon Mortgages
Executive/Jumbo Mortgages
Lot/Vacant Land Mortgages
Investment Property Mortgages
Rehabilitation Refinance Mortgages
NO PMI Refinance Mortgages
Special Programs
Interest Only Mortgages
FHA and FHA Cash Out Refinance Program
FHA Rehabilitation Refinance
Home Equity Loans

HARP-Home Affordable Refinance Program (aka President Obama 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.

The HARP-Home Affordable Refinance Program is a special program that is meant to help homeowners refinance their mortgage to take advantage of today’s lower rates, even if they have little to no equity in their current home.  

This program is only available to those clients who closed on a mortgage that was sold to Fannie Mae or Freddie Mac no later than June 1, 2009.  If the mortgage you want to refinance closed after June 1, 2009 you are NOT eligible for this program, even if your current loan is owned by Fannie Mae or Freddie Mac.  In addition, clients who closed anytime after May 1, 2009 may or may not be eligible to refinance depending on when their loan was ultimately sold to Fannie Mae or Freddie Mac.  

If your loan was not sold to Fannie Mae or Freddie Mac, you are NOT eligible for this program.  Not all loans originated prior to June 1, 2009 are eligible for this program even if they were sold to Fannie Mae or Freddie Mac.  We will help you determine whether or not your loan is eligible.

In the following video, I explain how the program works and some of the hurdles that have to be cleared in order to qualify.  If you have questions or want to have us help determine your eligibility, please contact us.  We would be happy to help.

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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, 30 and 40 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. In addition, interest only payments are available on our 3,5 and 7 year adjustable rate programs. These options are great for clients who want to refinance to substantially lower their monthly cash outlay.
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Balloon Mortgages
Balloon mortgages are loans that generally carry an interest rate lower than a fixed rate mortgage. With a balloon mortgage you have a 7 year term in which to pay your loan off in its entirety or to refinance. Balloon mortgages have low monthly payments because your monthly payment is calculated over a 30 year term. However, at the end of 7 years, you will have to payoff your outstanding balance at that time or refinance. A balloon option is good for clients who will be moving within 7 years.
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Executive/Jumbo Mortgages
Executive loans are mortgage loans in excess of $417,000. These loans typically range from $417,001 to $2 million dollars. These products can vary significantly from lender to lender. We are pleased to be a leading provider of executive mortgages. Because of our affiliation with First Place Bank we are able to hold in our investment portfolio several large executive mortgages at extremely competitive rates. We offer executive mortgages under our fixed and adjustable rate products. In addition, as a direct lender we have greater flexibility with programs and options.
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Lot/Vacant Land Mortgages
We currently do not offer the ability to refinance vacant land loans unless the existing mortgage is held by First Place Bank
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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.
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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 PMI Refinance Options
We are pleased to offer mortgage options that allow for NO PMI (Private Mortgage Insurance). These options are available on our fixed, adjustable and balloon 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.
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Special Programs
We are pleased to offer special refinance programs for clients who may have a more unique need. Here is a sample of some of our special programs:
NO Debt Ratio Loans (Income still verified but no debt ratio is calculated in order to qualify)
Interest Only Payment Options
Self Employed less than 2 years
Unique Property Programs
In House/Portfolio Programs
Common Sense Programs
If you have a special or unique situation contact our office to discover the many options that may be available to you.
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Interest Only Mortgages
We are pleased to offer a number of mortgage options that allow for interest only payments. These options allow you to have a monthly payment that can be hundreds of dollars less than a traditional mortgage. Best of all, you are able to maximize the amount of home you are able to finance without having to have a large mortgage payment. These options are also great for clients who work on commissions or that are self employed. With our interest only mortgages, your payment of principal is deferred to a later date. Call us for all the details on these exciting new programs.
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FHA and FHA Cash Out Refinance Program
FHA offers flexible refinance and cash out refinance programs.  The standard refinance program will allow you to borrow as much as 97.75% of your homes current value.  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 and often times are more favorable then 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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FHA Refinance Rehabilitation Mortgages
If you are looking to rehab your current home and will not be doing any structural improvements.  FHA’s streamline 203k mortgage may be perfect for you.  This program is ideal for those who are updating their mechanicals (heating, cooling, appliances, etc), windows, flooring, etc.  This program requires a minimum of $5,000 in improvements and does not allow you to finance over $35,000 in improvements.
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Home Equity Loans
If you need to borrow money against your home, but you hate to refinance that mortgage with a really low interest rate. A First Place Home Equity loan may be perfect for you. We offer fixed rate home equity loans that give you the piece of mind in knowing exactly what your rate and monthly payment will be. In addition to our fixed rate products, our Ultimate Prime Home Equity line of credit allows for low monthly payments and aggressive interest rates. Our Ultimate Prime Home Equity line allows you the flexibility to have a line of credit available to draw against time and time again. Contact us for all the details on our home equity products.
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