Refinance your home.

Are you paying Private Mortgage Insurance on your home loan?
Did you know you might be able to refinance out of those payments? We can help you find out.

Refinancing is when you take out a new mortgage loan with a new term and interest rate to replace your current mortgage loan. Refinancing your home loan to a lower interest rate leads to a potential savings of hundreds of dollars a year. Let us help you assess your situation and determine if refinancing is a smart move to help you save at this time.

*The consumer’s total finance charges may be higher over the life of the loan

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I want to reduce my monthly mortgage payment I had trouble refinancing in the past I’m a Veteran and would like to refinance I’m approaching retirement and no longer want a mortgage payment Leave Empty

Let’s put some money back in your pocket.

PERL Mortgage has helped thousands of Americans lower their monthly mortgage payments by refinancing. To lower your monthly payment, you will need a new loan that meets one or more of the following criteria:

A lower interest rate
Removal of private mortgage insurance (PMI)
Refinance to a longer-term loan

Our most popular loan options for lowering your monthly mortgage payment:

FHA Streamline:

To help make housing more affordable for consumers, FHA offers a reduced annual mortgage insurance premium option for new mortgage loans. The FHA Streamline loan provides lender-paid closing costs, no appraisal required, favorable interest rates, no maximum income ratios, fast refinance processing, and potential refund of existing FHA upfront mortgage insurance premium.

30-Year loan:

When you refinance to a longer-term loan, you’re stretching the amount you owe over a longer period of time, allowing you to potentially decrease your monthly payment. A 30-year fixed loan is a more traditional loan, giving you a stable monthly payment ability to lock-in a lower interest rate than your current mortgage.

Adjustable Rate Mortgage:

An adjustable rate mortgage (ARM) typically offers the lowest available interest rates, potentially saving thousands of dollars over the shorter term (usually 5 or 7 years) versus a traditional fixed rate mortgage.

VA Loan:

If you’re a qualified veteran, military member, or spouse, you may be eligible for a VA loan and all the great benefits that come with it, such as no private mortgage insurance requirement, no down payment, and competitive interest rates.

Talk to a PERL Mortgage consultant or use our refinance calculator to see if refinancing your home can help you lower your monthly payment.

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Let’s talk HARP.

When you have little equity in your home or owe as much on your mortgage than your home is worth, it can be difficult to refinance.

If you’re current on your mortgage and have a loan owned by Fannie Mae or Freddie Mac, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). Created by the Federal Housing Agency, HARP refinancing could save you money with a lower rate or other more favorable terms.

Advantages of HARP refinancing:

Potential to lower your monthly payment
Lower your interest rate
Shorter loan term
Change loan terms from adjustable to fixed-rate mortgage
Appraisal is often not required
No new mortgage insurance required
No minimum credit score
No loan-to-value (LTV) restrictions

HARP loan eligibility:

Current loan is owned or backed by Fannie Mae or Freddie Mac
Must be current on your mortgage payments
No 30 day+ late payments in the last 6 months
No more than one late payment in the past 12 months
Home is your primary residence, second home, or investment property
Mortgage was originated on or before May 31, 2009

Talk to a PERL Mortgage consultant today to see if a HARP loan is right for you.

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We have programs specifically designed for our Veterans.

Veterans, active duty personnel, and retirees can refinance an existing VA loan and received a lower interest rate through the VA Interest Rate Reduction Refinance Loan (IRRRL). You can also refinance an adjustable rate mortgage into a fixed rate mortgage.

VA interest rate reduction refinance loan overview:

Qualified veterans and service personnel with a VA loan
No appraisal or credit underwriting required
Lower your interest rate
Streamlined refinance
An IRRRL may be done with “no money out of pocket” by including all costs in the new loan
You may not receive any cash from the loan proceeds

For more information on the IRRRL program and eligibility requirements call a PERL Mortgage consultant today, or visit the U.S. Department of Veterans Affairs.

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HECM

If you have equity in your home and need money to pay for home renovations, medical, and daily living expenses, or simply want to pay off your existing mortgage and eliminate the monthly mortgage payment, then the Home Equity Conversion Mortgage (HECM) loan program may be an option.

The HECM loan is for seniors age 62 and older and is insured by the Federal Housing Administration (FHA). Otherwise known as a reverse mortgage, the HECM loan uses a home’s equity as collateral, and the amount of money the borrower can receive is determined by the age of the youngest borrower, interest rates, and the lesser of the home’s appraised value, sale price, and the maximum lending limit. Generally speaking, the loan does not have to be repaid until 6 months after the last surviving homeowner moves out of the property or passes away.

Distribution of money from an HECM loan:

Lump sum – a lump sum of cash at closing
Tenure – equal monthly payments as long as the homeowner lives in the home
Term – equal monthly payments for a fixed number of years
Any combination of the above

Our most popular loan options for lowering your monthly mortgage payment:

To be eligible for an HECM loan, the FHA requires all borrowers on a title to be 62 years or older. Borrowers must also meet certain financial eligibility criteria as established by the Department of Housing & Urban Development (HUD). Most single-family residences, two-to-four unit owner-occupied dwellings or townhouses, and approved condominiums and manufactured homes are eligible for an HECM loan. However, all homes must meet Federal Housing Authority (FHA) minimum property standards.lesser of the home’s appraised value, sale price, and the maximum lending limit. Generally speaking, the loan does not have to be repaid until 6 months after the last surviving homeowner moves out of the property or passes away.

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Questions, Comments Or Concerns ?

Refinance your home.

Find a Program

Let’s put some money back in your pocket.

Our most popular loan options for lowering your monthly mortgage payment:

FHA Streamline:

30-Year loan:

Adjustable Rate Mortgage:

VA Loan:

Let’s talk HARP.

Advantages of HARP refinancing:

HARP loan eligibility:

We have programs specifically designed for our Veterans.

VA interest rate reduction refinance loan overview:

HECM

Distribution of money from an HECM loan:

Our most popular loan options for lowering your monthly mortgage payment:

Connect with an Expert Now

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