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Refinancing

Refinance Your Home image

There Are Many Great Reasons to Refinance

  • You want to lower your monthly payments.
  • Your interest rate is higher than present rates.
  • You have an adjustable-rate mortgage (ARM) and want to turn it into a fixed-rate mortgage and don’t want to take a chance on what interest rates may do in the future.
  • You wish to take cash out, and the cash is at a lower rate than you could get on any other type of loan.
  • The interest on this type of loan is tax deductible.
  • You own your home free and clear and wish to take cash out.
  • You would like to consolidate your first and second mortgage or your HELOC (home equity line of credit) loan.
  • With interest rates so low, you may want to refinance your 30-year mortgage into one that’s 15 years—allowing you to pay off your loan much earlier, build your equity much faster, and save tens of thousands of dollars in interest.
  • Due to a divorce, you need to remove an absent former spouse from the mortgage note.
  • If you own rental property, refinancing may lower your mortgage payments and increase the profit on your investment.

There are many, many people who presently have a mortgage and would greatly benefit from refinancing, but haven’t. But at the same time, although there are many good reasons to refinance, doing so must make sense for your particular situation. Refinancing to reduce your interest rate, but thinking you might be selling your home in the next two years or so, as well as other important matters must be considered.

FHA Streamline Refinance (must have a FHA loan currently)

  • No income documentation
  • No appraisal required
  • 550 minimum FICO
  • 2 – 4 units are acceptable

VA Streamline Refinance (must have a VA loan currently)

  • No income documentation
  • No appraisal required
  • 550 minimum FICO
  • 2 – 4 units are acceptable

USDA Streamline Refinance (must have a USDA loan currently)

  • No credit report required
  • No appraisal required
  • No late mortgage payments in past 12 months

FHA, VA and USDA Refinancing

If you have a FHA, VA or USDA loan, the Federal government has made it easier for you to refinance:

Conventional and Jumbo Loan Refinancing

If you have a conventional or jumbo loan, there are no special programs to refinance (you just qualify without any special ways to make it easier), unless you qualify for the HARP (Home Affordable Refinance Program)

Under HARP you can refinance your conventional mortgage if:

  • Your mortgage was originated on or before May 31, 2009.
  • Your loan is owned or backed by Fannie Mae or Freddie Mac (we can tell you if it is).
  • Your mortgage is upside down (mortgage balance is greater than value of the property), or your current loan-to-value ratio is greater than 80% (mortgage balance is more than 80% of property value).
  • You have no 30-day+ late payments in the last 6 months on your credit report.
  • You have no more than one late payment in the past 12 months on your credit report.
  • Your home is your primary residence, second home, or investment property.
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