Abjustable 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.

Adjustable Rate Mortgage may be the best option for you:

  • if you’re looking to significantly reduce the cost of your mortgage.
  • if you Plan on owning the property for a short period of time.
  • if you Plan on refinancing within the next 5,7 or 10 years.
  • Want the lowest rate available.
  • Consider most Homeowners will not keep their home or mortgage for 30 years.

if these are your plans, an ARM might be right for you!
You’ll receive the lowest rate we offer and save thousands over a traditional fixed-rate mortgage during the initial fixed-rate period with ab adjustable rate mortgage.

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10/1 adjustable-rate mortgage refinance

A 10/1 ARM refinance has a fixed interest rate for the first 10 years. After 10 years, the rate can change once every year for the remaining term of the loan. When the rate changes, your monthly payments will increase if rates go up and decrease if rates fall.

7/1 adjustable-rate mortgage refinance

A 7/1 ARM refinance has a fixed interest rate for the first 7 years. After 7 years, the rate can change once every year for the remaining term of the loan. When the rate changes, your monthly payments will increase if rates go up and decrease if rates fall.

5/1 adjustable-rate mortgage refinance

A 5/1 ARM refinance has a fixed interest rate for the first 5 years. After 5 years, the rate can change once every year for the remaining term of the loan. When the rate changes, your monthly payments will increase if rates go up and decrease if rates fall.

Sometimes No is a Good Thing! Introducing, FHA Streamline.

No Appraisal Needed
No Equity Required
No Income Used In Qualifying
No Income Verification

What is an FHA Streamline refinance?

The FHA Streamline is a refinance program from the Federal Housing Administration which could get you a lower rate on your FHA mortgage without an extensive qualification process.

FHA “Streamline refinance” refers to the limited amount of documentation and underwriting that the lender must perform. Simply put, the typical refinance process is streamlined! FHA Streamline is also known as FHA IRRRL (Interest Rate Reduction Refinance Loan).

How the FHA Streamline refinance works.

  • FHA Streamline is a refinance program for homeowners currently in an FHA loan.
  • FHA Streamline is offered as a 5/1 ARM or either a 15-year or 30-year fixed rate loan.
  • No is required in order to refinance.
  • No Income Documentation such as Paystubs, Tax Returns or W-2s needed.
  • Minimal credit requirements.
  • Is an FHA Streamline refinance right for you?

  • Need to make the switch from an adjustable rate mortgage into a fixed rate.
  • Your current mortgage rate is higher than today’s mortgage rates.
  • You owe more on your mortgage than your home is worth.
  • Want to reduce the amount of principal and interest in your monthly mortgage payments?
  • Want more flexible qualification guidelines like income, equity and credit.
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If this sounds like a winner, then refinancing your FHA Loan may be right for you.

Fixed Rate Mortgage

Needing to refinance and replace your current high interest rate loan? Not comfortable with the unpredictability of your current adjustable rate mortgage? Than it may be time to consider refinancing, into a long term fixed rate mortgage. Fixed rate mortgages offer you the predictability and peace of mind in a consistent payment for the life of the loan.

Advantages of a refinancing into a fixed rate mortgage

Fixed-rate mortgage refinance loans are a good choice if you:

  • In fear of interest rates increasing in the next few years
  • Loan term plan to stay in the home
  • Don’t want a payment that changes periodically (like an adjustable rate mortgage)
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30-year fixed-rate mortgage refinance

The most commonly used home mortgage used when refinancing a home today is a 30 year fixed. The lure of the 30 year fixed mortgage is a fixed interest rate and predictable mortgage payments until the loan is paid in full. Payments are more affordable because your payment is extended over 30 years opposed to 20 and 15 year fixed home mortgages. Since the loan term is longer, there is more interest paid over the life of the loan and equity in the home is built more slowly.

20-year fixed-rate mortgage refinance

Although not as common as a 30 year fixed home mortgage, the 20-year fixed-rate home mortgage helps you built equity in your home faster, and you’ll pay off your loan quicker than a longer fixed rate home mortgage. Also, 20 year fixed rate home mortgages offer a slightly lower interest rate than a 30 year fixed home mortgage. If a 15 year fixed mortgage payment, is higher than what your comfortable with have your loan officer go over the monthly payment on a 20 year fixed home mortgage.

15-year fixed-rate mortgage refinance

The 15 year fixed rate home mortgage, has gained in popularity during this period of low rates. Rates at all time lows has made the 15 year payoff term more affordable and attractive to homeowners. With a 15 year fixed home mortgage, your loan is paid off in half the time a 30 year fixed home mortgage. Rates for a 15 year fixed home mortgage are considerably lower, and you'll build equity quickly. Make sure the higher mortgage payment is manageable and you have budgeted properly.

VA

You may be one of over 500,000 military families that can take advantage of a VA refinance loan! A VA loan is guaranteed by the U.S. Department of Veterans Affairs, but the government itself does not originate the loans. Loan City Home Loans is one of the private mortgage lenders you can contact to apply for a VA loan. The VA loan was originally developed to offer financing for eligible American veterans or their surviving spouses in places where private financing may not be available. A key feature of a VA loan is to reduce the burden of entering a loan by not requiring a down payment and making the loan more affordable by not requiring private mortgage insurance. Areas that typically qualify for VA loans in the U.S. are more rural areas and small towns.

VA loans also can make qualifying for a refinance easier because veterans can typically qualify for loan amounts larger than traditional mortgages backed by Fannie Mae. In addition, with a VA loan, the borrower is not required to pay closing costs, as long as the costs don’t exceed 6 percent of the home’s sales price.

If you are refinancing from a traditional loan to a VA loan, you could qualify to finance up to 100% of the reasonable value of your home. If you have an existing VA loan and are looking to refinance, you may qualify for an interest rate reduction refinance, or IRRR. The benefits of an IRRR are less paperwork and streamlined processing. When you refinance an existing VA loan you are not required to furnish a certificate of eligibility, and you may not be subject to the same level of appraisal and credit check.

Are you interested to see what a VA loan refinance can provide for you and your family? Contact Loan City Home Loans today!

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Jumbo

For loans greater than $417,000, you may consider entering into a jumbo loan. If you qualify, a jumbo loan can be fixed-rate or adjustable rate, and a variety of loan periods are offered between 10 and 30 years. You can refinance with a jumbo loan. Do be aware that you are still responsible for covering the down payment and all associated closing costs. Talk to your lender about how best to meet those requirements.

You can use a jumbo mortgage loan to refinance an existing home mortgage. You also have the flexibility to refinance from a jumbo loan into a traditionally structured conforming loan. Work with our jumbo mortgage refinance specialists to meet your real estate needs. Remember, the larger your loan is, the more the interest rate and the terms of the loan can impact your monthly payment. Make sure to work with a lender that can explain the variety of adjustable, fixed rate and terms and conditions that are available. With jumbo refinances, it’s also critical to work with a lender that knows all of the program requirements and can work to structure a loan that fits your family’s financial needs. Loan City Home Loan specialists can explore all of the options with you to see if a jumbo loan refinance is a good fit for your family.

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Buying a Home? Compare Mortgage Loans

Information Current rate APR Flexible Down Payment Easier Qualification Rate Security Above Conforming Limit
Fixed Rate Mortgage
Fixed principal and interest monthly payments that stay the same for the life of the loan
3.625% 3.750%
Adjustable Rate Mortgage
A typically lower rate mortgage for the first 3, 5, 7, or 10 years followed by annual rate adjustments
3.250% 3.375%
FHA Loan
Fixed rate mortgage, backed by government, with flexible income and credit requirements
4.125% 4.705%
VA Loan
Special fixed rate, no down payment loan for eligible men and women of the U.S. armed forces
4.250% 4.625%
Jumbo Loan
Fixed or adjustable rate loan with a larger loan amount than a conforming loan limit
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