RATE-AND-TERM REFINANCE
A rate-and-term refinance is a way to swap out your current mortgage with a new loan that improves your mortgage terms. You might consider this type of refinancing to lower your interest rate and monthly payment or to pay off your home faster.
Additionally, a rate-and-term refinance can help you eliminate mortgage insurance or to change your loan type.
Northeastern Realty offers a variety of refinance loans depending on your situation, financial goals and current mortgage. Here are some refinance loan programs we have to offer:
REFINOW™
RefiNow lets you save on your monthly mortgage payments! Use it to help you who currently has a Fannie Mae-backed loan, has income at or below 100% of your area median income (AMI) limit, and can reduce your interest rate by a minimum of 50 basis points.
* Loan must be conventional and owned or securitized by Fannie Mae
* Must have a reduction in your monthly mortgage payment*
* 30-year fixed loans with an LTV up to 97%
* 620+ FICO, up to 65% DTI
* Primary residence rate/term refinance
* $500 credit from Fannie Mae if an appraisal was obtained
* Available on single- and multi-wide manufactured homes, co-ops**, condos and PUDs
*Reduction must include principal, interest and the mortgage insurance payment (if applicable).
REFI POSSIBLE℠
Refi Possible helps you who currently has a Freddie Mac-backed loan save on their monthly mortgage payment. As with Fannie Mae’s RefiNow, you must have income at or below 100% of your area median income (AMI) and be able to reduce your interest rate by a minimum of 50 basis points.
* Loan must be conventional and owned or securitized by Freddie Mac
* Must have a reduction in your monthly mortgage payment*
* 30-year fixed loans with an LTV up to 97%
* 620+ FICO; up to 65% DTI
* $500 credit from Freddie Mac if an appraisal was obtained
* Available on single- and multi-wide manufactured homes, co-ops**, condos and PUDs
*Reduction must include principal, interest and the mortgage insurance payment (if applicable).
FHA STREAMLINE
FHA Streamline refinance allows you to refinance your FHA loans with no appraisal or AVM.
* 580+ FICO
* Up to 60 days interest allowed
* Available on single- and multi-wide, condos and PUDs
VA IRRRL
Allow your VA borrowers to take advantage of their VA benefits by streamlining their current VA loan into a lower interest rate.
- Unlimited LTV
- Loans up to $4M
- No appraisal required
- Available on single- and multi-wide, condos and PUDs
- Primary, second and investment properties eligible
How to Get a Rate-and-Term Refinance
Getting a rate-and-term refinance is similar to the process when you took out your first mortgage loan. You must submit an application online and financial documentation to your loan officer, who will then consider your income, creditworthiness and other factors to approve or deny your loan.
Here’s a quick breakdown of the steps and requirements for this refinance:
Apply & Get a Loan Estimate
Applying for a home loan soon? Do yourself a favor. DO: Work with a local mortgage broker (like us) who’ll shop around for a better loan. DON’T: Buy a car or make any other major purchase that will affect your credit.
We have technology that lets you submit your documents through an online portal and then allows you to track the loan every step of the way. Let me put that tech to work for you!
Submit loan documents
Nervous about the interest rate on your refinancing? Be confident you’re getting a competitive rate with Northeastern Realty. If rates drop, we’ll lock you in at the lower rate. Enjoy the fun of refinancing your loan without the stress!
Schedule a home appraisal
Worried about getting a low appraised value on your home? You may be able to waive your appraisal! Whether purchasing or refinancing a home, you could be eligible for an appraisal waiver and speed up your closing process. Call us today to find out if you qualify!
Close the refinance loan
Virtual E-Closing gives you the convenience of closing on a purchase or refinance without leaving your home. Call us today to learn more!
A rate-and-term refinance is a way to swap out your current mortgage with a new loan that improves your mortgage terms.
A cash out loan is one that refinances the rate, the term or both while at the same time pulling out equity in the form of cash at the closing table.
Refinancing is a common solution for homeowners who want to lower their interest rates, adjust the length of their mortgages, change the type of their mortgages, or use their existing home equity to fund a large expense, like a renovation or home repairs, through a cash-out refinance.
You’ll be replacing your current loan with a new one, so it’s important that you have a specific goal when considering refinancing.
The process for refinancing your home will likely be similar to the steps you went through to get your current loan. Northeastern Realty, LLC, will look at your income, credit score and the value of your property. If refinancing your home sounds like something that fits with your homeownership goals, then finding the right type of loan is the next step.
After selecting and applying for a loan, the approval process begins. For approval, we must verify your credit, employment history, assets, property value, and anything else required by your particular circumstances. Some programs use information you provided when you first got your mortgage, which helps to streamline the process.
Northeastern Realty offers a variety of refinance loans depending on your situation, financial goals and current mortgage. Here are some refinance loan programs we have to offer:
RefiNow
Refi Possible
FHA Streamline
USDA Streamline
VA Refinance
Rental Income Refinance
