Depending on your current financial situation and mortgage type, refinancing a home can carry many benefits. Refinances allow you to receive a new loan to pay off your existing loan. Often, people refinance a mortgage for many different reasons which may include obtaining a lower interest rate, shorter home loan term, changing from an adjustable-rate to a stable fixed-rate loan, lowering monthly payments, or even turning a home’s equity into cash. The Hargrave Group has one of the highest refinance ratios companywide. Erik is a refinance expert who can help guide you through what might seem to some as a confusing process, advising on the best program to meet both your long and short term goals. We offer rate and term refinances, streamlined refinance, interest rate reduction loans, cash out refinance, renovation refinances, and pool escrow refinances, just to name a popular few. Refinancing your mortgage can also be used to help you pay taxes, correct an escrow shortage, reduce your term and rate, and get cash for virtually anything! Find out if you are getting the most from your mortgage. Contact us today for a home loan review to see if we can help save you money.
Pool escrow loans are a type of renovation loan that allows for the addition of a swimming pool either in a refinance or purchase transaction. There are many advantages in obtaining a pool loan such as granting you the opportunity to receive a dedicated account to cover pool construction costs, and can help you minimizing costs by combining construction, purchase and refinancing expenses into a single loan. In simpler terms, borrowers can enjoy one loan under one low interest rate. Just with any loan, there are limits on the amount of costs associated with your pool which will be determined by the equity and property value of your home. Pool escrow loans are a great alternative to a high interest equity loan and can give you flexibility without having to pay cash out-of-pocket. For homeowners who desire a pool to use during the hot summer months, this is your opportunity. Pool loans are also an option for new construction projects in which a builder does not include the cost of a pool in the purchase of a home. With us, you choose the pool contractor and we provide the financing!
Military personnel during and after their service are eligible for a VA home loan. Qualified service members who have received a discharge other than dishonorable from the U.S. Army, Navy, Air Force, Marines, Coast Guard, National Guard and Reserve, and U.S. Military academies are qualified for this type of loan. Partly guaranteed by the U.S. Department of Veterans Affairs, VA home loans offer several advantages including no down payment, no private mortgage insurance, higher loan value, limit on closing costs, option for seller to pay closing costs, no penalty fee for early payoffs, and possible VA assistance in the event of economic hardship or difficulty making payments. VA loans are mortgages that are insured by the Veterans Administration and are available to active duty, veterans, and their spouses. Once certified for a VA home loan, applicants can apply to use the guaranty on financing and refinancing opportunities which may include purchasing or building a residence, condominium, duplex, or home/lot; improving a residence, refinancing an existing home loan, and/or installing energy improvements. In an effort to give back to our Veterans, PrimeLending has recently waived all lenders fees for VA loans in TX, AZ & NM to help with closing costs.
USDA loans are mortgages that are insured by the US Department of Agriculture and focus on properties located in rural areas. USDA home loans were originally designed to provide a mortgage alternative to rural property buyers with limited financing options. Today, this type of loan has become a viable mortgage option for people who may want to live away from big cities and enjoy life in the countryside. The USDA determines specific areas of the country based on population and opens up the opportunity for those areas to benefit from homeownership. USDA applicants will enjoy 100% financing and can even roll their closing costs into the loan in some instances. Credit score requirements are similar to FHA however, family income may be capped based on the median income of the county in which the property is located. Because the loan is guaranteed, we are able to offer a lower standard interest rate that is not tied to your credit score or down payment. Contact our team today if you are interested in a property that may qualify for USDA financing!
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