Have I missed the chance to refinance my FHA loan?
No, now is the perfect time for an FHA, or FHA Streamline Refinance. Qualification is based on reduced requirements – so it's easier than ever. And if you have an FHA loan from May of 2009 or earlier, you will receive a discounted mortgage insurance premium fee.
How can I help close my loan as quickly as possible?
Make sure your lender has all the requested documents, avoid making any credit purchases (such as furniture and cars), and make sure your lender knows about any major life changes, like new jobs.
What is the first step I should take when I decide to buy a home?
Get pre-qualified for a mortgage loan. This will help you decide how much home you can afford, and which mortgage programs are available to you. This will make your offer more desirable to sellers. It's also a good opportunity to understand the steps involved in obtaining a mortgage.
I've heard there are special refi programs for people who owe more on their home than its current market value. If that's the case, are there programs that I could qualify for?
If your loan was sold to Freddie Mac or Fannie Mae before June 1, 2009, and you're current on your payments (with no more than one late payment in the last 12 months), you are probably eligible for HARP 2.0 Home Affordable Refinance Program. There are also FHA, VA and USDA programs with expanded qualifying opportunities; give us a call for more information.
Is it a good time to purchase a home?
Yes! Between all-time low interest rates and signs that housing prices are increasing, the window to purchase is now. In most cases monthly mortgage payments are often comparable to rent — and unlike rent, a fixed-rate mortgage doesn't increase with inflation, and can give you potential tax benefits (talk to your tax advisor).
Interest rates are at an all-time low, and I wonder if it makes financial sense to refinance my home. How do I decide?
Ask yourself what you'd like to achieve. If you plan on continuing to own your home, and you want to lower your payments, convert your mortgage from an adjustable to a fixed rate, or access equity, chances are it makes sense.
Is it true that I need to lower my rate by 1% for a refi to make sense?
No! There are many other reasons for refinancing, such as getting cash out (accessing the available equity in your home) for a remodel or other needs, changing the loan terms so you can pay off your mortgage early (changing the amortization), or simply changing from an ARM to a fixed rate.
My rent just went up. Can I buy a condo with a low down payment?
Yes. Depending on location, sale price, and loan program, it's possible to buy with a much lower down payment than you'd expect.
Are there benefits from these low interest rates other than just lower monthly payments?
Yes! Lower interest rates could help you afford a larger home now — or upgrades like a nicer kitchen.
I'm considering buying a rental property; is it hard to get financing these days?
Loans on single-family rental and investment properties aren't the hassle you might think — and a variety of financing options are available.
How long should I expect the loan process to take?
Different mortgage lenders take different amounts of time, from two weeks to three months! Make sure you ask your lender how long their average loan takes. And just so you know, we close our loans in as little as two weeks.
Where can I find more information?
If you can’t find the information you are looking for, feel free to submit your question by clicking the button below and using our secure online form. One of our helpful loan specialists will be in contact with you shortly.