Refinance Loans
Refinance Loan Hero Reward
For all of our Hero clients who refinance through the Hero Loan Team, we offer $0 in lender closing costs. That’s a savings of up to $2,500 – $3,000! That applies regardless of which kind of refinance loan you choose, and is a reflection of the commitment we have to our Heroes.
Depending on the loan amount and options available, there may be additional lender credit to cover all of your closing costs or a significant portion of them, making refinancing a no brainer!
Refinance Loan Programs
Conventional Refinance Loan
If you currently have a conventional loan or FHA loan and you are looking to lower your rate or remove your Private Mortgage Insurance (PMI), using a conventional loan to refinance can be a great option to help lower your monthly payment or pay your home off sooner.
Compared to other programs that are insured or guaranteed by a government entity, conventional loans have more stringent credit and debt to income requirements.
As a result, conventional loans are best suited for borrowers with good to excellent credit histories.
FHA Streamline Loan
If you have a current FHA loan, a great option for refinancing is an FHA Streamline. With this loan, there is no income verification or appraisal, and it offers a much easier process to reduce the rate on your current FHA loan.
Monthly Mortgage Insurance Premium (MIP) is a fixed rate for all borrowers based on loan amount and loan to value.
There is also a 1.75% fee for Upfront Mortgage Insurance Premium (UFMIP) that is added to the loan amount.
FHA loans are best suited for borrowers with a fair credit history.
VA Interest Rate Reduction Loan
VA Interest Rate Reduction Loans (IRRRL’s) are available for borrowers who currently have a VA Loan and want to take advantage of a lower interest rate. Similar to the FHA Streamline, there is no income verification or appraisal.
These loans are guaranteed by the Dept of Veterans Affairs, so similar to FHA loans they have less stringent credit history and debt to income requirements than conventional loans. There is also no monthly mortgage insurance on VA loans.
There is a funding fee of 0.5% of the loan amount, however this is waived for borrowers receiving 10% or more in VA Disability.
All loans are subject to underwriting or investor approval. Other restrictions may apply. This is not an offer of credit or a commitment to lend. Guidelines and products subject to change.
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