Home Mortgage Refinance Calculator
- Fixed and ARM
Fixed Rate Loans
If you're planning to stay in your home for many years and prefer to have the peace of mind of a rate and monthly payment that never changes, refinancing your mortgage with a fixed rate and payment product could be perfect for you. With rates still at historic lows, the 30-year mortgage remains one of the most popular loans.
ARMS (Adjustable Rate Mortgages)
Refinancing your mortgage with ARMs are great solutions to give you a particularly low interest rate for the short term. If you're planning on moving in a couple of years or just want the relief of a lower monthly payment, an ARM loan could be a great solution for you. As an example, a 5/1 ARM has a 30-year term with a FIXED rate and payment for the first 5 years. After that, the rate and payment may adjust once per year for the remainder of the term.
An FHA (Federal Housing Administration) loan is a great solution for people whose credit history may not qualify them for conventional 30-year loans. It's also a good refinancing solution for those with less than 20% equity in their home. Our preselected lenders offer different FHA Loan options, such as the security of a fixed rate and payment or a 5/1 adjustable rate mortgage.
Do you already have an FHA first mortgage on your home? You can take advantage of the Streamline FHA refinance offered by our preselected lenders that can bring you a lower rate and monthly payment, even if you owe more on your current mortgage than the home's current market value. With no appraisal required in most cases, lower credit requirements, and limited documentation needed, the Streamline FHA can be the easiest way for you to reduce your monthly mortgage payment.
The Federal Government's HARP program (Home Affordable Refinance Program) has been helping homeowners all across the country whose mortgage balance exceeds their home's value, enabling them to refinance into today's low interest rates. If you have little or no equity in your home, a HARP loan may help you to lower your monthly payment and/or shorten your loan term.
In many cases, no new appraisal is needed nor is mortgage insurance (if none is in place on your current mortgage), so refinancing your mortgage with a HARP loan has a fast underwriting process.
The guidelines for refinancing your mortgage with a HARP loan are pretty simple: If your current loan was originated before June 1, 2009, is owned by Fannie Mae or Freddie Mac, and you've continued to make your monthly payments, you may qualify for a HARP loan. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: freddiemac.com/mymortgage or knowyouroptions.com/loanlookup
You've been doing the right thing, honoring your monthly commitment. HARP Loans can do right by you, with a fast and easy refinancing solution.