Our objective is to be an authority in the area of mortgage loan program resource, mortgage loan program information, and guidelines, and ultimately, mortgage loan service; originate, pre-qualify, pre-approve, Conditional Loan
Approval, process, and close Non-QM Loans, Non-Prime Loans, Portfolio Loans, Investor Loans, Foreign National Loans, Bank Statement Programs, Stated Income Programs, No Doc Programs, Asset Depletion / Asset Utilization Programs, Lite Doc / Reduced Doc Programs.
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Rate & Term and Cash Out
An opportunity to reduce your rate and or term could be due to either cash-flow purposes or you have your eye on your over-all savings by paying it off in a shorter period of time.
Something to thank about is if you're thinking about refinancing to reduce your interest rate, one thing to consider is how old your current mortgage is because the longer you've been paying on it, the more principal balance you are paying down with every payment. This is because, with mortgage amortization, the interest is front-loaded. So, you might be better off keeping your current mortgage. However, if your motivation is to reduce your payment, a rate & term could make sense.
If you're currently in the process of refinancing or are considering refinancing your home, while you know exactly why you're seeking financing, there are several additional factors you should think about before making your decision. These factors include the interest rate on your current mortgage, the current market interest rate, where you are in your existing mortgage term, how long you plan to live in your home or own the property, and whether or not you need money for other things (such as college, a new car, or paying off credit cards, working capital).
Standard things to consider before refinancing:
1. The interest rate you are currently paying.
We offer refinance loans to improve your interest rate and or term. Consider the interest rate you are now paying before refinancing. Compare it to the current market interest rate to see how much you would save by mortgage refinancing. Use our free mortgage calculator to determine your new monthly payments.
2. The current interest rate.
Check the current market interest rate. To get the benefits of a lower rate, you may have to pay fees associated with the loan, unless your lender is doing a no-fee loan. Before committing to a refinance, be sure you have discussed the fee options with your loan officer.
3. How long you will live in your house.
Check the current interest rate. To get the benefits of a lower rate, you may have to pay fees associated with the loan, unless your lender is doing a no-fee loan. When you're considering paying points to get a lower interest rate, consider how much money you're saving on a monthly basis along with how many months it would take to re-coop the cost of the points.
If you have several outstanding bills, you may want to consider refinancing your home and in turn, consolidating and paying off your other debts. If you have equity in your home, you may be able to access that equity through a "cash out" refinance.