Cash Out

A cash-out refinance refers to one in which the borrower takes equity accrued out of their property and adds it onto their current home loans. The amount the borrower takes out is then wired to their bank account at the close of Escrow.

The most common application of this type of loan is for home improvement. Whether you're installing a new pool, making upgrades to your kitchen or need the funds for something else, the cash-out refinance allows you to take advantage of your equity.

When doing this type of loan it's important to consider that because you are effectively increasing the size of your loan, the mortgage payment will most likely increase, unless your current mortgage interest rate is already very high.

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Conventional Loans

A first mortgage lien can be a conventional or a government-backed loan and may or may not require a down payment.

Conventional loans do require a down payment while government-backed loans such as VA, FHA and USDA have lower down payment needs, or in the case of a VA and USDA loan, no down payment at all. A first mortgage is also recorded as a superior lien that takes priority of any subsequent second lien.

Conventional loans will require a mortgage insurance policy if the loan amount is greater than 80% of the sales price or appraised value, whichever is lower.

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FHA loans

The Federal Housing Administration is a government program that supports home ownership for consumers who have low down-payment and / or imperfect credit. The rates for FHA a generally very competitive and even lower than normal conventional loan products. However, the risks of the program are covered by consumer-paid mortgage insurance. This insurance doesn’t cover the homeowner / borrower, but actually covers the government’s risk for borrowers who default on their loans.

It is a great product for helping people to get started in the housing market – and for those who need a little extra lenience due to credit problems.

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Rate & Term

A rate & term refinance will typically change either the interest rate on your current home loan or the term, which refers to the number of years remaining on your loan. This is the most common type of refinance, which can potentially allow borrowers to lower their mortgage interest rate and their monthly mortgage payment.

Depending on the your goals, you can also use this refinance to pay off your loan faster by reducing the term of the loan. However, keep in mind that by doing this, your mortgage payment will mostly likely increase.

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Renovation Loans

Renovation Loans are best for those who want to purchase home that is in need of repairs. A common type of renovation loan, known as the FHA 203K, allows borrowers to get a single loan, which covers both the acquisition and rehabilitation of a property.

The cost of the rehabilitation must be at least $5,000, but the total value of the property must still fall within the FHA mortgage limit for the area.

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Reverse Mortgage

A reverse mortgage is a type of home loan for those who are 62 years or older, which allows homeowners to convert their property equity into cash all while not having to make any mortgage payments.

A key requirement of this loan is that the subject property is the borrower's primary residence. The loan must be paid off upon either the borrower's death, the sale of the property, or the borrower moving out of the residence.

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USDA Loans

Intended for those looking to purchase property in rural defined areas, the USDA loan allows borrowers to oftentimes put little to no money down. Credit requirements for this loan tend to be more lenient than for conventional loans, however the subject property must fallen within a designated rural area to qualify.

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VA Loans

VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.

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