At Floor Rate Mortgages, LLC, we offer every type of refinance program. Whether you want to pull cash out of the equity in your home, just get a lower interest rate, reduce your loan term or extend your loan term, we can help. There are many options for refinancing so please contact us with any questions.
Conventional, FHA or VA Refinance
Do you have equity in your home? Do you want that cash in your hands to do repairs or upgrades or even vacation? No matter what type of loan you have currently, we can help you get the equity out of your home with a cash out refinance. Each type of loan has different requirements so please see the loan programs page or contact us with questions.
Lower Your Interest Rate
CONVENTIONAL REFINANCE STANDARD
This loan is for anyone who has equity in their home and wants to refinance to get a lower rate or reduce the term of their loan. If you have a 720 or higher fico, you can refinance up to 97% of your home’s value on your primary residence only. 719 and below will be capped at 90% of your home’s value on your primary residence only. Investment refinances will be capped at 75% of your home’s value.
FHA STANDARD REFINANCE
This loan is for anyone that wants to refinance their primary residence that needs to refinance up to 97.75% of their home’s value but has a credit score lower than 720. FHA will allow a refinance to 97.75% down to a 620 score. All FHA loans do have monthly mortgage insurance regardless of the amount borrowed. An appraisal will be ordered for the FHA Standard Refinance.
FHA STREAMLINE REFINANCE
This loan is for anyone that already has an FHA loan on their current primary residence and wants to refinance. With an FHA streamline refinance, No appraisal will be ordered so this is a great program if you are upside down on your home. This program also allows for No Income and No Asset verification. You do have to be employed and a verification will be ordered to make sure you are employed but you do not have to provide Tax Returns or Paystubs or Bank Statements to qualify for this program. In general, it only makes sense to refinance using this program if you are going to save at least 1% on the interest rate. You will also have monthly mortgage insurance on the new loan.
VA IRRRL LOAN (Streamline Refinance)
The VA IRRRL is a loan for any qualified Veteran who wants to refinance and already has a VA loan in place. The VA streamline refinance does not require an appraisal. it only makes sense to use this program if you are going to reduce your interest rate by at least 1%.
HARP 2.0 – Conventional Refinance To a Lower Rate (No Equity or Upside Down)
This loan is for anyone who has a Conventional loan owned by Fannie Mae or Freddie Mac and you are upside down. We do not need an appraisal for this loan and it doesn’t matter how upside down you are. You can have 1 or 2 loans and we will just subordinate the second loan.
REVERSE MORTGAGE REFINANCE
Tired of making monthly mortgage payments? Is your house already paid off? Have your home start paying you monthly. A government insured Reverse Mortgage allows you to tap into the equity in your home and start receiving monthly payments from your home. It’s your equity, enjoy it now. You still own your home and no one can take it away. Stay in your home until you pass away and then your heirs will maintain control of the house. You can receive fixed monthly payments just like an annuity or you can choose one lump sum payment.