appraisal or credit
This type of loan
is used to lower your interest rate (no additional money is borrowed). The
streamline refers only to the amount of documentation and underwriting
that needs to be done by the lender. It does not mean that there are no
cost" refinances (no out of pocket expenses) are available by
charging a higher rate of interest on the new loan than if you financed or paid
the closing costs in cash. From this premium, the investor pays any closing
costs that are incurred on the transaction. You cannot finance closing
costs with out a new appraisal
This type of loan
is used when you want to borrow additional funds to remodel, consolidate debt or
for other reasons. The lender can loan up to 85% of the value of your
Should You Refinance
risk involved in refinancing your current mortgage is nearly non-existent. If
you think you'll save money by refinancing, now is a good time to act.
Thousands of people refinance their homes and save money every day, look at
some of the benefits of refinancing today.
mortgage loans can allow you to take advantage of these benefits
Lower interest rates resulting
in lower monthly payments
interest rate, 2nd liens, home improvement and/or swimming pool loans or credit card
one lower interest rate mortgage and better terms and tax deductible
Make Home Improvements and make your
home a better place to live.
Get Cash Out to spend as you
wish. Use it for vacations, tuition, starting a business.
Shorten your term to Build Equity Faster.
Trade your ARM in for a fixed rate loan and
lock in long term savings.
Current appraised value - not
purchase price is used to calculate LTV ratios.
Pay off balloon payments or call provisions
on your current loan.
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