Refinance Loans Available to Home Owners

ZABE Mortgage Group offers many types of refinancing loan programs. The type of loan you choose will depend on your reason for refinancing. Two common types of refinancing are:

  • Streamline. If you don’t need cash but you would like to obtain a lower interest rate to reduce your monthly payment, you may qualify for either FHA or VA Streamline Refinancing, which features less documentation and no appraisal.
  • Cash Out. If you would like to obtain cash to have on hand for expenses or to pay down high-interest debt, ZABE Mortgage Group offers cash-out refinancing in the form of conventional, FHA and VA loans.

You may also want to refinance to a shorter loan term to pay off your mortgage faster, or to a longer loan term to reduce your monthly payments. If you have an adjustable rate mortgage (ARM), you may want to convert to a fixed-rate loan to lock in your interest rate.

ZABE Mortgage Group has years of experience helping customers refinance. We offer many types of loans. For example:

  • An FHA loan might be best if you have less than perfect credit or are seeking a low down payment
  • A VA loan offers a low down payment and other special benefits for active military, veterans and eligible spouses
  • A Conventional loan may be a good choice if you have good credit and cash for a down payment

Each loan type is available as a fixed-rate or adjustable-rate mortgage.

Fixed Rate Mortgages

A fixed rate mortgage locks in your interest rate for the life of your loan.

  • The base monthly mortgage payment (principal and interest) will always stay the same (although your taxes and insurance may change).
  • If you stay in your home for a long time, a fixed rate mortgage may be more affordable than an adjustable rate mortgage.

Adjustable Rate Mortgages (ARMs)

With an adjustable rate mortgage, you get a lower interest rate for an initial time period (usually the first 1, 3, 5 or 7 years). After that, your interest rate will reset at the market rate.

  • When your ARM resets, your new rate is based on market conditions, not your financial situation; you may end up paying more interest than you would if you had a fixed rate loan
  • If you sell your house before your ARM resets, you may end up paying less interest than you would if you had a fixed rate loan

Most ARMs have caps that limit how high the interest rate can go. Make sure you will be able to afford your payment if your interest rate reaches that cap.

FHA Cash Out Refinance

FHA loans offer more flexibility than conventional loans. FHA Cash-Out Refinancing may be right for you if you would like to:

  • Obtain cash to pay off high-interest debt (credit cards, student loans, judgments, tax liens)
  • Obtain cash for emergencies or other expenses

There are many benefits to FHA loans, including:

  • Down payments as low as 3.5%
  • Easier credit qualifying and lower closing costs than conventional loans
  • Mortgage insurance premiums that are often lower than private mortgage insurance (PMI) premiums on conventional loans

If you are looking to get cash out of your new mortgage, the process of refinancing into an FHA loan will be similar to applying for a mortgage when you are buying a home. This includes obtaining an appraisal for the value of your home and supplying financing documents.

At ZABE Mortgage Group, we can guide you through the right type of refinancing including the application and closing processes. Find out more by speaking with a ZABE Mortgage Group Loan Representative today.

FHA Streamline Refinance

The FHA Streamline Refinance program is for borrowers who already have an FHA loan and would like to lower their monthly payments. Borrowers may not receive any cash from an FHA Streamline Refinance.

The benefits of an FHA Streamline Refinance include:

  • No appraisal required
  • Little or no documentation of income or assets are required

You must live in the house you are refinancing and you cannot have more than two late payments in the past year.

We can guide you to the right type of refinancing including the application and closing processes. Find out more about FHA Streamline Refinancing. Call ZABE Mortgage Group today.

VA Cash Out Refinance

If you have a VA loan on your home right now, you may be able to replace your current mortgage with a new one – one that serves your needs better.

If you are looking to pay off high-interest debt, make home improvements or further your education, you may want to consider a VA Cash Out Refinance loan. The VA will guarantee loans up to 100% of the value of your home.

Benefits of VA Loans

Here are some of the benefits of VA Cash Out loans:

  • No down payment required
  • No insurance premium; however, there may be a funding fee
  • No pre-payment penalties (you can pay the loan off early without charge)

Are You Eligible?

If you are a veteran, active military or surviving spouse, you may be eligible for Cash Out Refinancing. Call ZABE Mortgage Group to find out. We have been a VA-approved lender for 16 years. We can help you navigate the ins and outs of VA loans, find a mortgage and take advantage of the benefits you have earned.

Find out if you qualify for VA Cash Out Refinancing. Contact ZABE Mortgage Group today or apply online.

VA Streamline Refinancing

If you have a VA loan on your home right now, you may be able to replace your current mortgage with a new one – one that serves your needs better.

If you are not looking to obtain cash from refinancing your mortgage, you may qualify for a VA Streamline Refinance. This type of VA loan can reduce your interest rate so you can lower your monthly payments and save you money over the life of your loan.

Other benefits of a VA Streamline Refinance include:

  • Less paperwork
  • No home appraisal
  • Faster closing

Are You Eligible?

If you are a veteran, active military or surviving spouse, you may be eligible for VA Streamline Refinancing. Call ZABE Mortgage Group to find out. We have been a VA-approved lender for 16 years. We can help you navigate the ins and outs of VA loans, find a mortgage and take advantage of the benefits you have earned.

Find out if you qualify for VA Streamline Refinancing. Call ZABE Mortgage Group today.

Conventional Refinance

You may benefit from refinancing into a conventional loan.

  • Conventional loans usually have lower interest rates than government-backed loans like FHA or VA
  • Conventional loans may also be processed faster because there is usually less paperwork than government-backed loans

Conventional loans are available as fixed rate or adjustable rate mortgages.

Fixed Rate Mortgages

A fixed rate mortgage locks in your interest rate for the life of your loan.

  • The base monthly mortgage payment (principal and interest) will always stay the same (although your taxes and insurance may change)
  • If you stay in your home for a long time, a fixed rate mortgage may be more affordable than an adjustable rate mortgage

Adjustable Rate Mortgages (ARMs)

With an adjustable rate mortgage, you get a lower interest rate for an initial time period (usually the first 1, 3, 5 or 7 years). After that, your interest rate will reset at the market rate.

  • When your ARM resets, your new rate is based on market conditions, not your financial situation; you may end up paying more interest than you would if you had a fixed rate loan
  • If you sell your house before your ARM resets, you may end up paying less interest than you would if you had a fixed rate loan

Most ARMs have caps that limit how high the interest rate can go. Make sure you will be able to afford your payment if your interest rate reaches that cap.

We can guide you through the right type of refinancing including the application and closing processes. Find out more about refinancing. Call ZABE Mortgage Group today or apply online.

To learn more about your refinancing options by speaking with a ZABE Mortgage Group representative today.

 

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