Washington Mortgage Group offers FHA home loans, low rate refinances, and no cost mortgage refinances for home owners and home buyers in Fairfax, Alexandria, and Annandale. Experienced mortgage professionals providing full mortgage related services.
To truly know your home’s value, you’ll have to work with a professional appraiser. However, this can cost as much as $2,000. Keep in mind that getting a mortgage refinance appraisal may be part of the underwriting process later on, depending on the type of loan you refinance into....
Conventional, VA, USDA, construction loan, HomeReady, refinancing, HELOC, home equity loan Terms Contact the lender for term details Credit needed Not disclosed Minimum down payment 3% for conventional and HomeReady loans, 0% for VA and USDA loans Terms apply. Offers a no-closing-cost mortgage...
However, you may not mind the extra cost if the longer term keeps you in your home during a financially tough time. Verify your refinance eligibility. Start here (Jan 14th, 2025) 3. Check your eligibility for a Streamline Refinance Most refinance options require you to document adequate ...
Cash-out refinance A cash-out refinance replaces your existing mortgage with a new loan for more than you owe on your home, allowing you to take the difference in cash. It’s an effective way to access a large amount of money from your home equity to put towards buying an investment pr...
On the downside, these loans tend to cost more over their lifetimes. Every home loan and refinance comes with closing costs, which can be a hurdle if you’re short on the cash needed to seal the deal. That’s where a no-closing-cost mortgage comes in. Instead of paying the closing ...
.Home equity is the portion of your home that isn’t financed by a mortgage. When you start with a low- or zero-down loan, you’ll have little to no equity. If home values fall, you could end up owing more on the home than it’s worth, making it difficult to sell or refinance...
Byline: Earl Daniels, Times-Union staff writerDaniels, Earl
payingprivate mortgage insurance (PMI)due to a down payment of less than 20% of the purchase price, an appraisal may show the home’s value has increased and could void the PMI requirement on the new loan. The equity increase can also earn a lower interest rate on the refinanced mortgage...
If you want to refinance to better rates, but you cannot meet the income requirements of a traditional mortgage, you may be able to use a streamlined refinance, depending on the type of mortgage you have. With some specialized mortgages, you won't need to provide proof of income to get ...