We offer refinance loans for nearly all situations including traditional, underwater, and streamline mortgage. We obtain wholesale rates which enable us to offer rates below most national banks and credit unions.
Each bank will have different income, credit requirements, and collateral requirements. While banks must follow conforming guidelines most have added their own overlaying a restrictions. Because borrowers and properties have different unique situations being a mortgage broker enables me to offer a wider range of solutions. I have the choice to match the bank that best fits the borrowers needs.
I have provided answers for some of the primary questions asked by real estate agents and clients.
This is a standard refinance which requires acceptable income, credit, and equity. The homeowner can reduce the interest rate, lower the monthly payment, pay off mortgage sooner, convert to a fixed rate, or pay for a major purchase or expense. There should be a good mortgage history.
This is a standard refinance without an appraisal report. The property can be upside down or have no equity. Acceptable income and credit requirements still apply. No mortgage lates in the last 12 months. Refinance a primary residence regardless of how upside down the property. Investment properties and second home can be up to 125% upside down.
The property must qualify for a value/appraisal waiver. These products limited to a rate and term refinance only. The borrower must not be late on the mortgage in the last 12 months. Due to higher risk the rate is slightly higher.
These government loans have no income, asset, or credit report requirements. No appraisal is required. The borrower must not be late on the mortgage in the last 12 months. This product is limited to a rate and term refinance only.
We offer a no closing cost program with extremely low rates.
Even if you have been declined, keep in mind that the bank(s) you applied with may not permit your specific scenario. Sometimes the loan application could have been poorly packaged or incomplete. Take a minute to run the scenario by me to see if I can help you or your customer get a better loan.
We have the loan products, resources, and the experience. We work with a large pool of banks and lending institutions.
A customer applying with a bank or credit union will obtain retail rates. We obtain wholesale rates which enables us to offer rates below most national banks and credit unions. When we submit a loan application we are licensed to work with the wholesale division of a bank. We are able to provide better rates and fees than most credit union and banks.