In addition to standard fixed rate loans for periods ranging from 10 to 30 years, we also have available a number of special programs, including 80/10/10's and 80/15/5's.** These are two great programs which still allow you to avoid private mortgage insurance, even if you don't have 20% equity.
- These programs do have requirements for certain credit scores, and the 80/15/5's include requirements for 6 months worth of liquid reserves as well
- Lowering your monthly payment
- Taking equity out for home improvement projects or debt consolidation, or to cushion a savings account
- Removing private mortgage insurance if you are still paying it
- Converting an adjustable rate loan into a fixed rate loan
- Escrow account overhauling-if your payment has increased substantially due to an escrow shortage, or eliminating the escrow account altogether in favor of handling your own tax and insurance payments
In most cases, the closing costs can be added to your loan if you want to do that. The only thing that has to be paid outside of the closing is the appraisal, which typically runs $400 to $450. Larger properties, or those considered rural or contain acreage will run a little higher, and are priced on a case by case basis.
There are lots of programs, ideas and schemes out there to entice you to refinance, some of which may be beneficial and some of which may look good at the onset, and become nightmarish later. As you know, it doesn't make sense to refinance unless it truly benefits your situation. If you have any doubt, go and sit down with a good loan officer and go over the numbers.
Our mission is to go above and beyond your expectations, to assure that your closing goes as smoothly as possible. We want to be your mortgage company, not just this time, but every time. We appreciate the opportunity to be of service.
