Refinancing your current mortgage

Program Highlights

• Up to 95% LTV (Cash out 65% - 80% LTV)
• Build Equity Faster
• No Max Loan Amounts
• No Seasoning required
• Cash out / Debt Consolidation options
• Owner Contract options
• No mortgage insurance required
• Insurance can be financed into the loan
• Terms can be extended
• Lower rates
• Lower payments
• Up to 60 days with no payment
• Closing Cost can be financed

*NEW CALIFORNIA PROGRAMS*

• Debt Consolidation and Cash out of your equity for doublewide homes 1976 and newer
• For singlewide homes 1991 and newer
• Purchases and Refinancing for homes 1970 and newer

Debt Consolidation and Cash out of your equity

• Cash out of your equity for homes 1991 and newer

What are the reasons for refinancing?

There are many benefits to refinancing; it just depends on what your objectives are. Some of the most popular reasons are:

• To lower your monthly payments by refinancing at a lower interest rate.
• To switch from an adjustable rate to the stability of a fixed rate.
• To consolidate debt by refinancing a higher loan balance and using the cash difference to pay off credit cards, auto loans or other debts.
• To pay off the mortgage sooner by switching to a shorter term.

Call us toll-free and speak to a personal loan consultant to find out if refinancing is right for you.

How do I apply for a refinance loan?

Either fill out the application online or call us directly at 888-809-1145.

What criteria do lenders use when approving a loan?

Lenders look at three criteria: Capacity, Credit and Collateral.

• CAPACITY
  The lender will weigh your housing expenses and total debt against your monthly income to determine your ability to repay a loan. They'll also need proof that you have the cash available for down payment and closing costs by verifying funds from sources such as bank accounts, stocks, bonds, mutual funds, sale of an existing home, or gifts from family members.
• CREDIT
  To determine your credit risk, the lender will look at previous mortgage payment history, rent payment history, credit card use and installment debt payment history. If you pay your bills regularly and on time, you're demonstrating the integrity that lenders are looking for in a borrower.
• COLLATERAL
  When you ask for a home loan, you're putting the home itself up for collateral, so the lender will want to know what the home is worth.

How much documentation will I need to supply to verify the information I provided on my application?

Every situation is different. Once you submit your loan application online you'll automatically receive a customized list of the documents you'll need to provide. If you apply over the phone, you'll receive this list within three business days.

What is Private Mortgage Insurance (PMI) and do I need it?

PMI is not need on any of our loans regardless of LTV.

Do I need to get an appraisal when I refinance?

Not always. We will attempt to get a book value for your home, if not successful we will require an appraisal.

What is homeowner's insurance?

Homeowner's insurance is designed to protect your home. It is also known as hazard insurance, or fire insurance. While the lender requires this coverage, you determine which insurance company will carry the policy. Homeowner's insurance premiums are either paid directly to the insurance agency or financed into your loan.

How does a refinance closing work?

The refinance closing will be conducted the same way that your loan was closed when you first purchased the property. Soon after your loan is approved your loan consultant will send a list of documents you'll need to bring to the closing.

What should I know when refinancing my home?

Don't add to your debt. If you increase your debt by financing a new car, boat, furniture or other large purchase, it could prevent you from qualifying.

What will my closing costs be?

Ask your lender for a general summation of the fees and commissions that will be required of you at closing.

Will I be charged points?

Sometimes a loan is only available if you pay points, so ask your lender if the loan quoted requires points.

What items must be prepaid?

Your lender should let you know what items, such as property taxes and insurance, must be paid in advance.

How long will I be guaranteed the quoted interest rate?

This is called locking in a rate. Ask your lender how long your rate can be reserved and if there's a fee involved.

How long will the approval take?

This varies, so get an estimate, especially if you're on a deadline.

Does the loan have a prepayment penalty?

If you think you may refinance or pay off the loan early, you should ask if there's a fee involved for doing so.