VA Home Loans

Guaranteed by the U.S. Department of Veterans Affairs.

Reverse Mortgages

For homeowners to leverage the equity in their home.

Refinancing

Replace your current home loan with a new one.

Prime Jumbo and Super Jumbo Mortgages

For high-income earners who make $250,000+ a year.

Fixed-Rate Mortgages

Offers predictability for your budget.

FHA Home Loans

Popular for first-time homebuyers.

Conventional Mortgages/Conventional High Balance

A loan not guaranteed or insured by the federal government.

Self Employed Loan Programs

For 1099 recipients, P&L users or qualify using assets.

Bank Statement Programs

See how you can qualify without having to show tax returns.

Investor DSCR or Rental Income Loans

Perfect for investors who want tenant rent to cover mortgage.

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Is It Time To Refi?


California home refinance

The states with the largest populations have the most eligible homeowners for refinancing, a new breakdown of state-by-state eligibility compiled by Forbes Advisor shows. The highest number of eligible borrowers lives in California, where the population that would benefit from a refinance is more than double that of second-place Florida. Forty-five percent of homeowners in California could lower their mortgage payments by refinancing and could save an average of about $405 per month. Borrowers eligible for refinancing are seen most in California, Florida, Texas, New York, and Illinois.

Meanwhile, the five areas where borrowers may see the greatest savings by refinancing are Hawaii (a potential monthly savings per borrower of $483); Washington, D.C. ($445), California ($405), New York ($399), and New Jersey ($354).

Credit scores are the key to unlocking lenders’ lowest mortgage rates. The states with residents with the highest average FICO scores are Minnesota (734), South Dakota (728), Vermont (728), and North Dakota (727), according to Forbes Advisor’s analysis.

Why are so many homeowners hesitating to refinance? Some are leaning on credit to pay bills or hoping to see an even lower rate. They also might be concerned about having to pay high closing costs from refinancing. Some lenders may offer “no-closing-cost refinances.” They add the closing costs to the principal so the borrower doesn’t have to pay a large upfront sum.

Homeowners interested in a refinance should attempt to lock it in before Dec. 1, when the Federal Housing Finance Agency will charge an “adverse market fee.” That will add a 0.5% surcharge to most mortgages backed by Fannie Mae and Freddie Mac that are refinanced into lower rates, meaning borrowers may have to pay the extra fee. Homeowners refinancing mortgage loans with balances below $125,000 will not be charged the new fee.

Refinance Roadmap from Forbes

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VA Home Loans
Reverse Mortgages
Refinancing
Prime Jumbo and Super Jumbo Mortgages
Fixed-Rate Mortgages
FHA Home Loans
Conventional Mortgages/Conventional High Balance
Self Employed Loan Programs
Bank Statement Programs
Investor DSCR or Rental Income Loans

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