REFINANCING A MORTGAGE
Most banks maximum loan-to-value is 80%… Some B lenders still allow a refinance to 85% of the property value.
Alt-A Refinance – This product is for self employed clients who have been self employed for the past two years but can’t prove income with the traditional methods. You can refinance your home up to 80% of it’s value (determined by a lender approved appraiser). You need some decent credit to refinance a mortgage under this product.
Bank Refinance – All banks will allow a refinance of a mortgage up to 80% of the property value. You will need to prove income and have good credit. The maximum amortization is 35 years if not insured.
CHIP Program – The CHIP program is designed for homeowners (55 years and older) who wish to cash out the equity in their home without having to make any mortgage payments as long as you live. The full amount of the mortgage is due upon property sale or transfer of ownership.
Rental Refinance – Refinance to 80% on a rental property mortgage with a banks and 85% with a B lender. Full qualifying required and appraisals required. Max 80% LTV.
Separation Refinance – This product allows a refinance up to 95% of the property value. You will need to provide a copy of the separation agreement to confirm the separation or divorce. *Only debts listed in separation agreement can be included in the refinance.