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When it comes to residential lending, there’s a lot of information available for residential home loans. But what about refinancing your home? Many homeowners have questions about what options are available in these situations, but there’s not as much information out there about this facet of residential lending, even though it’s offered through most residential mortgage services. Before filling out a residential mortgage application, it’s important to understand why you need it to select the best option, whether you’re improving your interest rate, buying a second home or purchasing a home that may be a good investment. Here are some basics to help you get started.
What Options May You Have to Refinance Your Home?
- Cash-Out Refinance: When you need some extra cash for tuition, home improvement or other necessities and other loans have a higher interest rate, a cash-out refinance lets you gain cash using the equity in your home. If you haven’t built up equity in your home yet, this may not work well.
- FHA Streamline Mortgage: Do you have a mortgage with fair to poor terms? If refinancing will reduce your payment by at least 5%, this loan helps you save money without having to verify income or assets and without having your home appraised.
- VA Interest Rate Reduction Refinance Loan (IRRRL): If you have a current VA home loan that has a higher interest rate, an IRRRL loan can help you refinance to get a lower interest rate, helping you save money. You can then either enjoy a lower monthly payment or shorter repayment period.
- HARP 2.0: When the housing bubble burst in 2008, the Home Affordable Refinance Plan was developed to help homeowners who were upside-down in residential home loans. This allows you to refinance your existing loan at lower interest rates, even if you haven’t been able to refinance because your home has been devalued during the housing bubble crash. Be aware that the application deadline for this program is September 30, 2017.
- Refinancing Into a Fixed-Rate Mortgage: Did you sign up for an adjustable-rate residential lending product and are tired of your payments constantly changing? If this is making it hard to keep to a budget, refinancing your loan into a fixed-rate mortgage may be the answer.
It doesn’t matter whether you’re looking at refinancing to a better interest rate or want to fund investment property, refinancing can still be a complicated process. Having a good grasp of how the process takes place and knowing your options makes all the difference between getting a good contract or being stuck with a bad deal for many years to come. Educating yourself on your available options means you can easily fill out a residential mortgage application and negotiate your loan, which may help you turn a profit on an investment or enjoy a beautiful vacation home that would otherwise remain out of reach. Why not contact iServe Residential Lending, LLC(NMLS #2914) today and discover what’s available?
iServe Residential Lending, LLC is not affiliated with or acting on behalf of or at the direction of the VA or the Federal Government.
Programs, terms and guidelines subject to change without notice. Not all applicants may qualify. All loans subject to underwriter and investor approval. As a result of refinancing your total finance charge may be higher over the life of the loan. Arizona Mortgage Banking License BK-0920658; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, License 413-0646; Regulated by the Colorado Division of Real Estate; Georgia Residential Mortgage Licensee License #19613; Licensed by the New Jersey Department of Banking and Insurance License # 512567; Licensed Mortgage Banker—New York State Department of Financial Services License # B501014; Licensed by the Virginia State Corporation Commission; Virginia Lender License # MC-3220, NMLS # 2914 (http://www.nmlsconsumeraccess.org) iServe Residential Lending, LLC, NMLS #2914. 15015 Avenue of Science Suite 250, San Diego, CA 92128 Phone: (858) 486-4169