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Refinancing
Reasons to refinance
your home include
to reduce interest rate, to extend or reduce the repayment time, to pay off
other debt, to reduce or alter risk such as by refinancing from a variable-rate
to a fixed-rate loan, or to raise cash for an investment.
When to refinance
depends on your own personal situation and I can help you weigh your options and
make the calculations required to decide if it worth doing at this time.
FHA
FHA Cash-Out
Refinances are allowed up to 85% loan-to-value, with 2 appraisals required
by FHA.
FHA Streamline Refinances are quick and easy. This can be done for
a change in rate and/or term of your current FHA mortgage. This allows for
much lower closing costs, paperwork, and no appraisal or income verification.
The only requirement is the previous 12 months of mortgage payment have not been
late, and a credit score of at least 620.
VA
VA Refinances
are not always the best option because there is an upfront VA funding fee of
3.3% for 2nd time use. However, for Disabled Veterans, the funding fee is
waived.
Conventional
Conventional
Refinances have no mortgage insurance if the loan-to-value remains below
80%.
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