Refinance

What does it mean to refinance your mortgage? Refinance your Mortgage in Tampa essentially replacing your current mortgage with a new one with different terms. The better your rate, the lower your payment. This will save you money over the life of the loan!

Fixed Rate Refinance Loan

Refinancing your loan is the easy way to make your monthly payment lower and more manageable. There are multiple variables to consider when refinancing such as loan terms, interest rates and duration. If you’ve paid your mortgage responsibly for years now, fixed rate refinancing is your opportunity to live a little and spend a few hundred dollars less per month for your home.

The flexibility that fixed rate refinancing provides is capable of improving your quality of life. This loan product allows you to use your home as an investment and create financial freedom at the same time you are enjoying the stability of home ownership.

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Benefits of a Fixed Rate Refinance Loan

  • You can refinance you primary home, vacations home or investment properties
  • Loan periods can be as short as 10 years or as long as 30 years
  • You can pay as little as $75 to start the refinancing process
  • Many flexible options are available and vary by the lender
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Cash Out Refinance

A cash out refinance loan allows you to turn your homes value into real money that you can use any way you see fit. Let’s say you owe $100,000 on a house that’s worth $250,000 and you want a lower interest rate. You also want $100,000 cash to buy a business. You would be able to refinance the mortgage for a total of $200,000 giving you $100,000 to put in your bank account.

The process is generally simple, but an inexperienced mortgage broker can make it easily go awry. You've heard your entire life that your home is an investment - with a cash out refinance loan you can take all of the money you've paid to mortgage and put it towards something that you deserve.

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Benefits of a Cash Out Refinance

  • You could get a new loan at a better rate
  • Use one loan to borrow against your home’s value
  • Many lenders will offer you financial incentives to choose them
  • 30 Year Fixed, Adjustable Rate Mortgage (ARM) and other unique rates are available
  • Many flexible options are available and vary by the lender
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V.A. Refinance Home Loan

VA refinance loans are mean to help veterans stay in their home at a more affordable rate. The federal government has worked hard to make this process easy but, it’s still very possible that an inexperienced mortgage broker will hurt your chances of getting a good rate and lower monthly payment on your loan.

To get VA loan products you will need a Statement of Service letter from the VA affirming your right to benefits. And, if you don't have that already, Tampa One would be happy to walk you through the process.

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Benefits of a V.A. Refinance Home Loan

  • You can refinance VA, FHA, Jumbo or any other type of loan
  • With a credit score as low as 620 you can still qualifys
  • Guaranteed low rates
  • No appraisal or underwriting package is required for a VA Refinance Loan
  • You can refinance as much as $529,000.00
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FHA Home Loan Refinance

The FHA (Federal Housing Administration) refinance program is a government based initiative that was created to make sure you get favorable terms to refinance your home. The FHA itself does not loan you money for home refinancing. They do however put together the strict guidelines that other companies must follow to offer an FHA loan.

There are two types of FHA loans that you can apply for. The first is FHA Streamline which is meant for people who just want a lower payment. The second is FHA Cash Out which allows homeowners to get a loan for more than a home is worth and then pocket the difference. In both cases FHA refinance loans allow you to have flexibility as a homeowner.

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Benefits of a FHA Home Loan Refinance

  • Appraisals may not be required
  • Income verification not required
  • Employment verification may not be required
  • Credit verification may not be not required
  • You could walk away from the closing table with cash
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HARP Loans

HARP—the Home Affordable Refinance Program—was created by the Federal Housing Finance Agency to help homeowners avoid short selling their devalued homes. HARP helps homeowners who are current on their mortgage payments, but have little to no equity in their homes, refinance their mortgage. To be eligible your loan must be owned by Fannie Mae or Freddie Mac which is likely if you got your mortgage loan at a bank, credit union or mortgage company.

If this is the case, you could qualify for HARP refinancing and save thousands with a lower rate or better terms. There is no minimum credit score required and you don’t need much cash up front because closing costs can be bundled into the new loan.

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Benefits of a HARP Loans

  • Reduce your interest rate
  • Lower monthly payment
  • Build equity faster—shorter term options might be available
  • Secure a fixed-rate mortgage that won’t change over time
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