preloder

Purchase Loans

Mortgages to help you purchase a property come in many shapes and styles.  At The Mortgage House, we are proud to offer choices for almost any situation. Our experienced Loan Officers can assist you along the way.

For example, we offer:

  • Financing for your first home, or any one thereafter.
  • Mortgages for vacation or retirement homes.
  • Long-term financing for investment (rental) properties.
  • Special mortgages designed for no down payment, no closing costs out-of-pocket, or low down payment, low closing costs.

Our financing choices include FHA loans, VA loans, standard Conforming Conventional loans and Non-Conforming (“jumbo”) loans, USDA loans, and Reverse Mortgages (HECM Loans) for Seniors 62 years and older. All loans have certain qualifying criteria that must be met.

The amount of home you can afford depends on your income, your debts, and your credit history.

 

Refinance Loans

Refinance financing can be obtained using the same loan choices as for purchase transactions.

A “refinance” in the eyes of a lender is when you already own the property and are obtaining a new loan.

The refinance loan amount will be determined by the property’s value, your credit worthiness (credit history and current ratings) and your ability to handle the new payments(“qualify”) in the lender’s judgment.

Refinances are done for many reasons, some of which include:

  • lowering the interest rate on your existing mortgage
  • shortening or extending the mortgage term
  • to convert home equity to cash
  • to combine your existing first and second mortgages into one mortgage
  • to settle property matters as a result of a separation or divorce
  • to remove a co-borrower and take title in your name only
  • to consolidate existing auto/credit card debts
  • to pay for needed home repairs

If you are able to improve your current interest rate and “recover” the refinance costs within a reasonable amount of time, refinancing could be a wise move. For example, if you are able to reduce your P & I (principal and interest) payment by $100 per month and the loan costs totaled $2,400, you would recoup the cost to refinance in 24 months. After that time, the savings goes in your pocket – if you plan on keeping the property more than 24 months, it would make sense to refinance.

Maybe you are now in a position to shorten the term of your loan and take advantage of lower interest rates offered for 15-year amortization vs. 30-year amortization.