Mortgage Refinance for Better Financial Stability
Mortgage contracts are a serious financial commitment, but they do not have to be permanent. If your current mortgage is less than ideal because of a high rate or unsuitable terms, refinancing may be right for you. At Boise River Lending, we offer mortgage solutions and mortgage refinance solutions for clients in all types of situations. These home finance solutions are available for conventional and nonconventional mortgages alike. We encourage you to speak with our professional mortgage brokers to discuss the current state of your mortgage and possible alternative financing today. We serve clients in Boise, Meridian, Twin Falls, and greater Treasure Valley and Magic Valley. Schedule a consultation with us today.
Conventional refinancing is a loan option available to refinance existing conventional loans or to convert other nonconventional loans into a conventional loan. Conventional loans are one of the most flexible home financing options, with variable interest rates and terms. We can help you refinance the following types of mortgages into a conventional mortgage:
- Existing conventional loans with less-than-ideal rates
- Cancellation of an FHA loan or other government-backed loan for better rates
- Consolidation of first and second mortgages to save money
- Refinancing an adjustable-rate mortgage (like a jumbo mortgage) into a fixed-rate loan
One unique conventional financing option is known as HARP 2.0. This program allows homeowners with a loan-to-value ratio of 80% or higher to refinance without paying mortgage insurance. This refinancing is only available to clients with conforming loans, or those backed by Fannie Mae and Freddie Mac.
In addition to refinancing your primary residence, we can also assist with conventional refinance for vacation or second homes.
FHA Loan Refinance
If you currently have a nonconventional loan insured through the Federal Housing Administration (FHA), refinancing may help you save long-term. The FHA Streamline Refinance program helps clients with existing government-backed FHA loans get a better rate on a new FHA loan. Applying for this refinancing is easy, and clients typically only need to show proof of consistent payments for at least six months. Minimal credit documentation and underwriting is involved in FHA refinancing.
VA Loan Refinance
VA loans, insured through the U.S. Department of Veterans Affairs (VA), are also eligible for refinance. Common VA refinance options include the Interest Rate Reduction Refinance Loan (IRRRL) and VA Streamline Refinance programs. This type of refinancing allows veterans, servicemembers and certain family members to exchange an existing VA loan for a new VA loan with better rates. Cash-out VA refinancing also exists, in which clients borrow against the equity in their existing VA-financed homes.
Explore Your Mortgage Refinance Options
At Boise River Lending, we truly care about helping clients find affordable rates that work for their lives. We know that the financial contracts you’ve entered in the past may no longer suit you best. If you are considering mortgage refinance in Boise, Meridian, Twin Falls, or surrounding Idaho, we are here to help. Contact us to schedule a refinance consultation today.