What is refinance?

A loan (debt) might be refinanced for many reasons, such as:

-To take advantage of a better interest rate, which reduces the monthly payment or the term of the loan.

-To combine other debt(s) into one loan, most likely a potentially longer/shorter term with some difference in the interest rate.

It is replacing an existing debt commitment with a debt commitment under different and terms and conditions. The terms and conditions of refinancing may vary by state, based on projected risk, inherent risk, currency stability, political stability of a nation, banking regulations, and borrower's credit. In most cases, refinancing is usually for a place of primary residency mortgage.

Refinancing for the second, third, or fifth reason are usually taken advantage by borrowers who have financial difficulty or just want to spend less money on their monthly payment on their mortgage

-To reduce the monthly repayment amount.

-To reduce or adjust risk; where in most cases are switching from a variable-rate to a fixed-rate loan.

-To get cash from your loan if you have equity.

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Harp 2.0

You may be eligible for HARP if you meet all of the following criteria:

-The loan must be owned or guaranteed by Freddie Mac or Fannie Mae.

-The loan must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.

-The loan cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.

-The current loan-to-value (LTV) ratio must be greater than 80%.

The borrower must be current on the mortgage payments at the time of the refinance, with a good payment history in the past 12 months.

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Fha streamline

FHA Streamline loan can help homeowners lower monthly mortgage payments and interest rates. To qualify, you need an existing FHA mortgage—if you don’t have an FHA loan but want to refinance, you can do conventional refinancing (where you must show equity) or applying for an FHA refinancing loan.

If you wish to refinance with an FHA refinancing loan and you currently have a conventional loan, you’ll need to apply with the usual credit check, employment verification, and other considerations. An FHA Refinancing loan can get you many of the same results, which arebetter rates and lower payments.

For those who do have an FHA home loan, the other requirements for FHA Streamline include:

-Being current on the existing loan with all mortgage payments made on time for the last year.

-You mus own the original property for at least six months before you can qualify for refinancing.

-To refinance you’ll need an FHA-approved lender. If you don’t want to use your current lender, any bank you choose must be FHA approved.

-FHA Streamline loans do not require an appraisal, but a no-appraisal loan cannot exceed your current loan.

-Closing costs must be paid up front or arranged for through a “no-cost” FHA -Streamline loan. You may also choose to include the closing costs into your loan a “with appraisal” FHA Streamline loan. In these cases you must have enough equity in the home to cover the extra amount.

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You will skip your next house payment

  • There is absolutly no credit check
  • Recieve cash back after closing from your escrows
  • You will not pay one penny out of your pocket - not a cent!
  • Late payemtns are acceptable
  • Setup and rebuild your escrow account
  • You are already pre-approved