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Refinancing a home or acquiring an equity loan can be a frustrating and time-consuming process if you don't know where to begin. With our free online mortgage application form it is a snap to apply for a new home purchase loan, home equity loan, or a home refinance. Let our experts take the headache out of your next mortgage, refinance, or equity loan.
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New Home Purchase
Buying a house is one of the biggest events in most people's lives. It can be the most exciting, as well as the most nerve-racking, experience to be had. Years ago, buying a house with ease was nothing short of miraculous. Nowadays, the process has gotten simpler, and there are more people whose job it is to make things easier for you. Even if you have a shaky credit past, even if you're a first-time buyer, even if you have little or no down payment, there is help for you.
Mortgage Refinancing
Rates go up, rates go down. Over the last couple years, rates have gone down a lot more than they've come back up. Near-historically low interest rates can mean massive savings for you. Cut a hunk off your monthly payment and cut a huge hunk off your total loan by refinancing your mortgage at a lower interest rate. Also, take cash out to pay off credit cards or whatever else you may need it for.
Home Equity Loan
Is your home worth more today than on the day your bought it? It probably is. Property values constantly appreciate; they constantly gain value. Historically, real estate almost never goes down in value. This means that you have a stockpile of equity that you have been building since you closed on your original mortgage. If you need some cash for just about anything, a home equity loan may be the perfect place to find it. Home improvements, debt consolidation, luxury vacation... whatever the reason, a home equity loan offers as much convenience as a credit card, but usually comes with a much lower interest rate.
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Frequently Asked Mortgage Questions
Read questions and answers about common topics related to home-buying and financing.
What is PMI?
PMI stands for Private Mortgage Insurance. PMI is required if you put down less than 20%, or if you have less than 20% equity in your house.
What does the interest rate affect?
The interest rate will determine several things, such as how money you can borrow, what your mortgage payments will be, and it can play a factor in deciding how long your loan term can be.
Should I refinance even if my rate only goes down a little?
Yes, as long as you keep your home long enough to make it worthwhile. Be sure you intend to stay at your home until the interest saved outweighs the money spent on closing costs.
What are closing costs?
These are the expenses involved in the mortgage process, from the initial application all the way through the finalization of your loan. Some things that can be covered by closing costs are appraisal, office supplies, time spent preparing paperowrk, and much more.
Can I take cash out when I refinance?
Yes! Most lenders offer some type of cash-out refinance, which involves refinancing for the amount owed on the old loan plus liquidating some of the remaining equity.
How do equity loans and home equity lines of credit differ?
A home equity loan is a one-time sum being borrowed based on the equity of your home. A home equity line of credit, or HELOC, involves a credit line with a limit that is based on your equity (which you can draw out of and pay into, such as with a credit card).
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