We can help you determine if either of these refinance mortgages are right for you.
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Right now, we offer two high LTV refinance loans: The Fannie Mae High Loan-To-Value Refinance Option (HIRO) and the Freddie Mac Enhanced Relief Refinance (FMERR). With a higher LTV refinance, you may be able to lower your monthly payment, switch from an adjustable-rate mortgage to a fixed-rate mortgage, or get shorter terms and build home equity faster. Loan-to-value (LTV) is the measure of how much of your home loan has been paid off. Good news - you may be able to refinance even if you owe more than 97% of your home’s value. And because home loans usually have much lower interest rates than other loans, your monthly mortgage payment could be lower as well. With a debt consolidation refinance, you can roll your credit cards, auto and student loans, medical bills, and other debt into one convenient monthly mortgage payment.
The beauty of a cash-out refinance is you can use the money for anything you choose. You can pay for renovations, college, or the vacation you’ve always dreamed of.
Believe it or not, you may be able to save hundreds of dollars each month and thousands over the life of your loan.Ī cash-out refinance lets you use home equity to get cash for other expenses. This could help you reduce your monthly mortgage payment and/or pay down your principle faster. If you qualify for our rate and term refinance, you may be able to enjoy a lower interest rate or better loan term. Because VA loans are guaranteed by the Federal Government through the US Department of Veterans Affairs (VA), they are viewed as safer mortgages and have better interest rates than traditional loan programs. VA loans allow veterans to buy a home with little or no down payment and are easier to qualify for than other mortgages. And it may surprise you, but many suburban neighborhoods qualify as rural. You’ll enjoy a below-market mortgage rate, and you won’t be required to provide a down payment or pay private mortgage insurance. Department of Agriculture (USDA), a zero-down USDA loan may be an ideal choice. If you live in an area designated as rural by the U.S. We offer as little as 10% and 20% down for loans up to $1.5M and $2.5M respectively, and we have options for borrowers with credit scores below 740. Our Jumbo mortgages are simpler and usually easier to qualify for. Most Jumbo loans tend to be complicated and restrictive, so we created our own. Jumbo loanĪ Jumbo loan is used to finance a property that’s too expensive for a Conventional loan. Most types of homes qualify, including single-family, condos, multi-unit properties, and manufactured homes. Down payments are as low as 3.5% and the entire down payment and closing costs can sometimes be covered with gift funds. If you have a solid credit score of 640 or above, a Conventional mortgage is a great option.īecause FHA loans are backed by the government, they’re one the easiest mortgages to qualify for.
Two more reasons people love this type of mortgage is because it doesn’t always require mortgage insurance and it allows the borrower to purchase a more expensive home. Many homebuyers prefer Conventional mortgages because they offer more flexibility and the costs accompanying the loan are often less expensive. Sellers love Approved to Move™ because it’s virtually as good as a cash offer and all but guarantees a quick closing. Unlike a typical pre-approval, Approved to Move™ is fully underwritten and verifies your information before you start house hunting. So, we came up with a solution - Approved to Move™. Contact the Rockville, Maryland Embrace Home Loans office today to speak with a seasoned consultant who can help you begin planning your new future today.In today’s competitive housing market, it’s easy (and totally disappointing) to lose your dream home to another homebuyer. Whether that’s a first-time homebuyer loan, a lump sum of cash for a project or remodel, even debt consolidation to get on the road to paying lower monthly payments in an effort to afford a new home, or simply pay off debt. The Embrace Home Loans branch of Rockville is happy to help local residents obtain what they need to get their lives moving. With a strong community focus, Embrace Home Loans brings homebuyers and those looking for home loan application approval the chance to sit down with a financial planner and really take a closer look at everything from finances to lifestyle, retirement planning, and even college tuition choices for children and grandchildren. Rockville, Maryland residents will welcome the chance to refinance their home loans or have that first home loan application process simplified with the help of their local Embrace Home Loans office.
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