Prime Refinancing Mortgage Loans are for borrowers seeking to refinance a property that has an existing mortgage. Refinancing a mortgage through conventional loans are for primary residence, second homes, and rental properties of one to four units. Call us to get pre-qualified.
Conventional Loan Features
- Lowest Fixed or ARM interest rates available with terms of 30 or 15 years, other terms available
- Refinancing mortgtage loans, without any cash out, are available up to 90% LTV
- Refinancing mortgage loans with cash-out are available up to 80% LTV
- Private Mortgage Insurance (PMI) is required for loans over 80% LTV on primary or secondary homes
- Private Mortgage Insurance is not available for non-owner properties. 80% LTV or lower is required.
- Low costs and fees, which may be included in the loan
- Favorable loan interest rates and terms are common
- No prepayment penalties are required for financing
- 1 Unit Property max loan amount: $424,100
- 2 Unit Property max loan amount: $543,000
- 3 Unit Property max loan amount: $656,350
- 4 Unit Property max loan amount: $815,650
Conventional Loan Requirements
- 10% to 20% or more equity is required.
- Minimum FICO credit score 580
- 1 to 2 year work history
- Moderate income
- Livable property condition