At PRMI, we understand the biggest expense for most people is their home – so it makes sense to frequently look for ways to lower your monthly payment in order to divert that extra money toward your other goals in life. Refinancing your existing mortgage is the surest way to lower your monthly mortgage payments. Read on to learn more about the benefits and features of our refinancing programs!

30 Year Fixed FHA option offers more flexibility with underwriting and lower credit  scores.

Benefits:

  • Cash out options up to 85%
  • Credit flexibility (credit scores down to 580)
  • 30-year fixed rates with secure monthly payments

A 30 year conventional loan offers security and payment flexibility with a lower monthly payment that is fixed for the entire life of the loan.

Benefits:

  • Keep your fixed rate so you can budget confidently
  • Get a mortgage with only 3% down payment
  • Put down 20% or more and you won’t pay mortgage insurance

 

 

This mortgage takes more commitment because you’re making higher monthly payments. But if you have the financial cushion, get this mortgage and start thinking of the day when you won’t have one. That day can come a lot sooner.

Benefits:

  • Commit to a slightly higher monthly payment and pay off your mortgage in less time
  • Keep your fixed rate so you can budget confidently
  • Get a mortgage with only 5% down payment
  • Put down 20% or more and you won’t pay mortgage insurance

 

Depending on your mortgage payoff schedule, you may find it beneficial to refinance to an ARM that offers the lowest available rates for 3, 5, 7, or 10 years before adjusting. Here’s how ARMs work: You get a fixed rate for a few years before the mortgage adjusts annually, based on a particular index value. Point is, you either want to sell before your rate increases or refinance your mortgage. But you’ll save money upfront because the intro rate is lower than a fixed-rate option.

Benefits:

  • Increases the availability of credit if you’re looking for a Jumbo Loan Save
  • Get a fixed rate for 3, 5, 7 or 10 years before the mortgage becomes adjustable
  • Ideal if you’re planning to sell your home before the low intro rate adjusts upward

 

If you’re FHA home loan is in good standing, you may qualify for the Streamlined refinance program. This refinance option works for those with no significant debt, who are currently using their home as their principal residence.

Benefits:

  • Allows you to reduce the interest rate on your current home loan without an appraisal
  • Reduces your monthly expenses by lowering your payments

Many people are in the unfortunate position of owing more on their home than it’s worth following the housing market crash of the late 2000’s. Fortunately, this Federal government program can provide some financial freedom with a lower rate mortgage and no down payment requirement.

Benefits:

  • Expanded loan-to-value ratios provide additional assistance
  • Get financial relief if you’re paying off a high-rate mortgage on a home that’s worth less than you owe
  • Offers loans to these homeowners that feature lower rates and require no down payment
  • If you qualify, you can gain significant financial freedom each month with lower mortgage payments