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.
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
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:
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.
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.
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.
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.
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.
Talk to a PERL Mortgage consultant today to see if a HARP loan is right for you.
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.
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.
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.
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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Equal Housing Lender
Illinois Residential Mortgage Licensee.
NMLS #19186
2936 W. Belmont Ave.
Chicago, IL 60618
Toll Free: 1-888-202-7490