Sentences with phrase «existing conventional mortgage»

Take a lump sum payment to retire other debt, such as an existing conventional mortgage, thus reducing your monthly living expenses.

Not exact matches

Borrowers who are refinancing also often choose conventional loans to save money compared to their existing mortgages.

b) The sum of the existing first lien, any purchase money second mortgage and / or any junior liens over 12 months old, closing costs, prepaid expenses, accrued late charges, escrow shortages, borrower paid repairs required by the appraisal, discount points, prepaid penalties charged on a conventional loan and FHA Title 1 loans as determined by the appropriate HOC subtract any refund of refund of upfront MIP.

Your Current Mortgage Must Already Be FHA - insured While refinancing from a conventional loan to one backed by the FHA is possible, the Streamline option is only available to borrowers with an existing FHA home loan.

Whether you are looking for a conventional mortgage loan, FHA loan, VA loan, or to refinance your existing mortgage, we will customize a loan to help you fulfill your dreams.

A homebuyer may obtain a conventional mortgage with the less - than - traditional 20 percent through PMI or government programs that exist to help low income buyers or those in dire financial situations.

Therefore any homeowners wishing to purchase a second property and require mortgage loan insurance will be unable to do so unless they refinance their existing home into a conventional mortgage.

If you are considering refinancing your Jumbo mortgage and paying down your existing loan to a conventional loan, as always please contact a local licensed Loan Officer, not an unlicensed bank application clerk, to discuss all of your options.

Because of the decline in housing locally, many existing homeowners simply do not have enough home equity to qualify for a mortgage refinance loan with a conventional lender.

The Refinance out of an existing FHA mortgage and into a traditional conventional mortgage is a very common type of refinance for this reason as FHA Mortgages carry mortgage insurance for the life of the mortgage.

However, two conventional mortgage options exist for buyers making a downpayment of just three percent.

«FHA mortgage products exist to serve an important mission: providing homeownership opportunities to creditworthy borrowers who are overlooked by conventional lenders,» says NAR President William E. Brown.

The new program offers qualified low - and moderate - income borrowers a conforming conventional mortgage with a maximum loan - to - value of 97 % and can be used to buy a single unit property or for a «no cash out» refinance of an existing mortgage.

However, two conventional mortgage options exist for buyers making a downpayment of just three percent.

When you consider both of these factors, the initial down payment and generated equity the permanent mortgage that will soon be placed on the property will have a more attractive LTV compared to a straight purchase of an existing property in good shape with a conventional mortgage.

Data from FHFA's Monthly Interest Rate Survey (MIRS) cover conventional single - family mortgages and distinguish whether the loans are for the purchase of new or existing homes.