More than half off all homeowners with a 30-year mortgage are now paying interest that’s 0.75% of higher than than the current rate, the largest share in six years, according to Black Knight
Over 11 million people across the nation are already quality candidates for refinance eligibility. Refinance options open up the possibility of saving money by lower your payment, elimination Private Mortgage Insurance (PMI) or lowering the term on your mortgage to help save on total interest paid. We offer many options and are ready to help you now.
Take a look a the options available to below:
* VA IRRRL(Interest Rate Reduction Refinance) Loan – No Appraisal, just pay stubs and a mortgage statement with a clean 6 months payment history with no lates. This is only offered to those who served in the military (Veterans, Active Duty & Retired Military)
* FHA Streamline – Just like above, No Appraisal, just pay stubs and a clean 6 months payment history with no lates but this is offered to all homebuyers across the country
* Term/Rate Refinance – For those who want to convert their fixed rate mortgage into an Adjustable Rates Mortgage (ARM) or vice versa. You can also lower your rate or term of your mortgage (i.e. 30 year mortgage into a 20 year, 15 year or 10 year term). You can also remove the private mortgage insurance (PMI) from your FHA mortgage if you have more than 19% equity in your home.
* Cash Out Refinance – For homeowners who want to take some of the equity in their home to go on a vacation, fix thing around the house, use for a down payment on a investment or 2nd home property purchase or simply put some reserves in their back account for a rainy day
* Debt Consolidation Refinance – If there is equity in your home and you want to use it to pay off old debt or car loans or help with student loans you can convert that equity into paying off any credit item on your credit
Contact Hampton Roads Most Trusted Lending Team to assist with your refinance