Refinancing

Refinance Mortgage Options

Rate and Term Refinance

Refinancing is often used to lower your interest rate. If rates have dropped since you last financed your home, you may want to consider refinancing. Other common reasons to refinance include paying off a balloon payment, converting an adjustable rate loan to a fixed rate loan or to extract cash equity in your home (cash out). A few reasons for cashing out include: home improvement, an education fund, and consolidating debt.

Another way to convert equity in your home to cash is a "home equity" loan. A "home equity" loan is an alternative to refinancing if your home loan has a very low rate compared to current interest rates or if you have a prepayment penalty on your loan.

Conventional Cash-Out

Conventional Cash-Out is a powerful product designed to help you win more business and gain valuable referrals while helping your borrowers take full advantage of their home equity.

The financial flexibility that comes with a cash-out refinance can help a homeowner consolidate debt, prepare for tax season and achieve personal goals like paying for their children’s education or taking a dream vacation. The program allows borrowers to unlock even more equity with an offering big banks and retail lenders don’t offer: a cash-out refinance up to 89.99% LTV with a simplified process and a competitive interest rate — all without the addition of mortgage insurance.

Product Highlights:

  • Loan amounts up to the conforming loan limits
  • 680+ FICO
  • Minimum LTV 80.01%, Maximum LTV 89.99%
  • No mortgage insurance required
  • Eligible for DU and LPA
  • 30-year term only
  • If paying off first-lien mortgage, only 6-month seasoning required

Benefits:

  • Reduce Your Interest Rate
  • Cash Out Equity for Home Improvements
  • Consolidate Debt
  • Lower Monthly Payments

To Refinance You'll Need: