Refinance allows borrowers flexibility with their mortgage: change term, monthly mortgage payment, interest rate, and more.
Borrowers might choose to refinance their loan for any number of reasons:
- Reduce term, save thousands off future interest payments
- Reduce rate, drop monthly payments
- Take cash out, consolidate debt or make home improvements
- Drop Mortgage Insurance, save thousands off monthly payments
Every loan (Conventional, FHA, USDA, VA, Manufactured Home) has its own signature programs and standards. And where those don’t succeed, try something like HARP (link), to solve negative equity situations.
Below, we include a few notable programs and popular reasons for refinance.
The Home Affordable Refinance Program (HARP) allows borrowers may not otherwise qualify for refinancing because of declining home values or reduced income (DTI of 65 percent), the ability to refinance their mortgages into a lower interest rate and/or more stable mortgage product. HARP is unique in that it enables borrowers who owe more than their home is worth to take advantage of low interest rates and other refinancing benefits.
The FHA Streamline Refinance is a simple way for FHA borrowers to lower their monthly mortgage payment by refinancing into a lower mortgage rate. Borrowers must display a history of consistent payments, and reduce their monthly payments by 5%.
The VA-backed streamline refinance product, called the Interest Rate Reduction Refinancing Loan (IRRRL), allows vets to drop their VA mortgage rate WITHOUT a new appraisal, WITHOUT asset documentation, and WITHOUT income requirements.
A cash-out refinance loan is a great refinance option for borrowers looking to convert their home equity into cash. A cash-out refinance replaces a borrowers’ current mortgage with a larger loan and uses the home’s equity to provide additional funds for other purposes, such as debt consolidation, home improvement projects, and more.
Mortgage insurance is an additional monthly charge that may be assigned to borrowers who cannot pay 20% down on their home loan (notable exceptions exist). Once reaching certain equity and/or credit thresholds, the homeowner might be able to refinance into a new loan and drop (or significantly reduce) his/her/their mortgage insurance.
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About the Loan Programs
As a bank and a broker, we find loan solutions where other lenders cannot.
- Conventional (Fixed, ARMs)
- FHA (203b, 203k, Refi)
- USDA (Section 502)
- VA (VA, VA Streamline)
- Manufactured Homes
- Mobile Homes
- Refinance (Rate and Term, HARP)
- Farm and Ranch
- Second Mortgages (HELOC)
- Jumbo (Primary, Secondary, Investments)
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Central Coast Lending Reach
We offer home loans / mortgages to the Central Coast and the entire state of California, including:
San Luis Obispo County:
Arroyo Grande, Atascadero, Avila Beach, Cambria, Cayucos, Creston, Grover Beach, Los Osos, Morro Bay, Nipomo, Oceano, Paso Robles, Pismo Beach, San Luis Obispo, San Miguel, San Simeon, Santa Margarita, Shandon, Templeton, and surrounding cities.
Santa Barbara County:
Buellton, Carpinteria, Goleta, Guadalupe, Hollister Ranch, Isla Vista, Lompoc, Los Alamos, Los Olivos, Mission Hills, Montecito, Orcutt, Santa Barbara, Santa Maria, Santa Ynez, Solvang, Cayuma, Vandenberg Village, Garey, Summerland, and surrounding cities.
Bakersfield, Delano, Arvin, California City, McFarland, Ridgecrest, Maricopa, Taft, Oildale, Lamont, Rosamond, Rosedale, Greenfield, Shafter Lost Hills, Wasco, Bear Valley Springs, Boron, Frazier Park, Wofford Heights, Weedpatch, and surrounding cities.
Carmel, Del Rey Oaks, Gonzales, Greenfield, King City, Marina, Monterey, Pacific Grove, Salinas, Sand City, Seaside, Soledad, Bradley, Castroville, Chualar, Las Lomas, Lockwood, Moss Landing, Elkhorn, San Ardo, San Lucas, Prunedale, Pajaro, and surrounding cities.
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