Loan Options

Take Cash Out

Maximize the potential of your investment by utilizing the accumulated equity in your home, allowing you to leverage its growth and value over time.

Good For

Paying down high-interest debt

Renovating your home

Shorten Your Loan Term

Accelerate your mortgage payoff by refinancing into a shorter term.

Good For

Achieve mortgage freedom faster: Paying off your mortgage sooner provides financial freedom and security. It eliminates a significant monthly expense, allowing you to allocate those funds towards other financial goals, such as saving for retirement, investing, or pursuing other dreams.

Reduce the amount of interest you’ll pay: Shortening your mortgage loan term allows you to pay off your loan sooner, resulting in substantial interest savings over the life of the loan. With a shorter term, you can reduce the total amount of interest paid and potentially save tens of thousands of dollars.

Build Equity Faster: By opting for a shorter mortgage term, you accelerate the rate at which you build equity in your home. As you make larger principal payments each month, your ownership stake in the property increases more rapidly.

Peace of Mind: A shorter mortgage term brings the peace of mind that comes with being debt-free sooner. You can enjoy the satisfaction of owning your home outright and reduce financial stress knowing that you’ve accomplished this important milestone.

Lower Your Payment

Good For

Improved cash flow: Lowering your mortgage payment can free up more money in your monthly budget, providing you with increased financial flexibility. This extra cash can be used to cover other essential expenses, invest, save, or pursue personal goals.

Debt management: Lowering your mortgage payment can help you manage your overall debt load. By reducing your monthly mortgage obligation, you may have more resources available to pay down other high-interest debts, such as credit cards or personal loans, helping you to improve your overall financial health.

Enhanced affordability: A lower mortgage payment can make homeownership more affordable, particularly for individuals or families on a tight budget. It can enable you to comfortably cover your housing expenses and avoid financial strain, allowing you to maintain a better quality of life.

Long-term savings: Lowering your mortgage payment can lead to long-term savings. Refinancing to a lower interest rate or extending the loan term can decrease your monthly payment, resulting in significant savings over the life of the loan. These savings can accumulate and be put towards other financial goals, such as retirement savings or investments.

General Guidelines:

  • Low down payment
  • Eligible for primary residences, investment properties, or second homes
  • 1-4 family owner-occupied condos must be approved through Loan City
  • Up to 97% LTV on purchase and rate/term refinance for primary residences
  • Up to 85% LTV on purchase and rate/term refinance for second homes
  • Maximum 85% LTV on fixed-rate for 1-unit investment property
  • Maximum 75% LTV on fixed-rate for 2-4 unit investment property
  • Escrow not required if LTV is 80% or lower
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