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Refinancing? Compare Mortgage Loans

Fixed Rate Mortgage

If you have a high interest rate or your Adjustable Rate Mortgage is too unpredictable, then it may be time to refinance to a Fixed Rate. Fixed Rate Mortgages give you the stability of the same principal and interest monthly payments for the life of the loan. It's the most stable, straightforward home loan.

+ - A Fixed Rate Mortgage refinance may be a good choice if you: Click to collapse

Want to lower your payment or shorten the term of your loan

  • Want to get cash out to make home improvements, pay for college tuition, or pay off debt
  • Plan to stay in your home for over 7 years
  • Prefer the consistency of a fixed rate for budget planning

If that sounds like you, then refinancing to a Fixed Rate Mortgage may be right for you.

Adjustable Rate Mortgage (ARM)

Adjustable Rate Mortgages (ARM) generally have lower initial rates than fixed rate mortgages. They offer the stability of a fixed rate for a period of 3, 5, 7 or 10 years, after which time the rate may vary and the payment may increase annually. If you are looking for a lower initial rate and are not averse to risk, then an ARM may be a great option for you.
 

+ - An ARM refinance may be a good choice if you: Click to collapse

  • Plan to relocate or refinance in the next 5 to 7 years
  • Anticipate major lifestyle changes such as an increase in income or a growing family
  • Are willing to accept the risk of future interest rate changes

If that sounds like you, then refinancing to an Adjustable Rate Mortgage may be right for you.


FHA Loan

FHA (Federal Housing Administration) loans are government backed loans that offer flexible qualifications and the security of a fixed rate. Whether you want to get cash out or lower your payment, an FHA refinance may help meet your mortgage needs.

  • Lock in a low rate and lower your monthly mortgage payments
  • Flexible income and credit qualifications
  • Borrow up to 85% of the value of your home for cash out refinancing
  • Refinance and get money to pay for home improvements, college tuition, or debt consolidation
  • Upfront and monthly mortgage insurance premiums (UMIP, MIP) required

+ - An FHA Loan refinance may be a good choice if you: Click to collapse

  • Need to make the switch from an adjustable rate mortgage into a fixed rate
  • Want to reduce the amount of principal and interest in your monthly mortgage payments?
  • Want more flexible qualification guidelines like income, equity and credit

If that sounds like you, then refinancing to an FHA Loan may be right for you.


 

VA Loan

Backed by the U.S. Department of Veterans Affairs, VA Loans allow veterans to get some of the most flexible refinance qualifications with a small upfront VA funding fee. Take advantage of the benefits exclusively for the men and women of the U.S. Armed Forces and their surviving spouses.
 

+ - A VA Loan refinance may be a good choice if you: Click to collapse

  • Are a veteran, reservist, active duty service member, or a surviving spouse of such person
  • Plan to stay in your home for many years
  • Need to lower your rate and/or get cash out of the equity in your home
  • Want the peace of mind that stable principal and interest monthly payments bring

If that sounds like you, then refinancing to a VA Loan may be right for you.


Jumbo Loan

If you need a higher loan amount, over the current conforming loan limit, you may be able to refinance to a lower rate with a Jumbo Loan. We have access to competitive rates and offer great service nationwide.
 

+ - A Jumbo Loan refinance may be a good choice if you: Click to collapse

  • Need a loan that exceeds the conforming loan limit in your area
  • Want to lower your rate
  • Want to use your equity to get cash out for home improvements, debt consolidation, or pay for an unexpected expense

If that sounds like you, then refinancing to a Jumbo Mortgage may be right for you.


HARP

Home Affordable Refinance Program

Home Affordable Refinance Program (HARP) may help homeowners make payments more manageable.

+ - HARP may be a good choice if you: Click to collapse

  • Are up to date with your existing mortgage payments
  • Have a mortgage that was taken out before January 1, 2009
  • Have a Fannie Mae or Freddie Mac-owned mortgage loan on your primary residence, second home, or investment property. Is your home owned by Fannie Mae or Freddie Mac?

If that sounds like you, then the Home Affordable Refinance Program may be right for you.

Mortgage Rates

PROGRAM RATE APR

30 Year Fixed conforming  no cost

 5.990% 5.990%
15 Year Fixed Conforming  no cost 5.625% 5.625%
Super Jumbo to 2000,000   6.250% 6.371%
Hi Balance 30 Year Fixed   6.125% 6.125%
VA / FHA 30 Year Fixed  5.500% 5.722%

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