Do I need to get an appraisal when I refinance?
When you're comparing refinance loans, you're getting a new loan. So everything, including the current value of your home, needs to be confirmed. Sometimes we use statistical appraisals; in other instances we may use the purchase price of your home.

Can I use an appraisal that I've recently had done?
We will usually accept a recent appraisal as long as it meets our guidelines. In most cases, the appraisal must have been completed within the last 3 to 6 months.

What Is A Loan To Value (LTV).. and how does It determine The Size Of The Loan?
LTV stands for loan-to-value, which is the ratio of total mortgage-related debt to the property's value. The LTV ratio reflects the amount of equity borrowers have in their homes. The higher the LTV the less cash homebuyers are required to payout of their own funds.

Home Equity Line Of Credit vs Home Equity Loan?
Both a home equity line of credit and a home equity loan are secured by the equity in your home. A home equity line of credit works like any other revolving line of credit, and is very similar to a credit card. Equity Lines are flexible, in that they allow a homeowner to write checks or make purchases at different times. Withdrawals against the equity in your home is on an ongoing basis. Unfortunately with a line of credit you pay interest only when you use your funds.

What is an APR?
APR stands for annual percentage rate. It is the annualized cost of credit, expressed as a percentage. The APR calculation considers certain fees to reflect the cost of credit in addition to interest.

Can I still qualify for a Home equity Loan, even if I don't have any equity in my home?
Yes, We have 2nd mortgage loan programs that allow you to borrow up to 125% of your home's value.

What is a FICO Score?
FICO scores are numeric representations of your credit profile. The higher the FICO score the better credit risk you are.

What Types Of Loans Are Available?

Fixed Rate Mortgages: Payments remain the same for the life of the loan

Adjustable Rate Mortgages (ARMS): Payments increase or decrease on a regular schedule with changes in interest rates; increases subject to limits

Are There Mortgage Options For First-Time Homebuyers?
Yes. Lenders now offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that have hindered purchasing a home in the past. Lenders may now be able to help borrowers who don't have a lot of money saved for the down payment. FHA Loans only require 3% down.