Find the Home Loan that is right for you
Whether you want to purchase a new home or refinance your current home, you'll need to choose the home loan that's right for you. We have the FHA Streamline Refinance and VA Streamline Refinance programs to help reduce your monthly payment as well as all other Nationwide Home Loans that include, FHA Home Loans, VA Home Loans, Conventional Loans and Jumbo Loans. Let OmniCentrix help you save time and stress. OmniCentrix can guide you through the process of making the Home Loan the best purchase of your life with complete confidence and knowing you got the best deal on the market.
Refinance your Mortgage
Refinancing your home can be done when you have a mortgage on your home and apply for another loan to pay off your existing mortgage loan. When making the decision to go for the home refinance loan, it is important to first determine whether the amount you save on the interest rate and the balance of the loan with fees is worth it during the refinancing process.
- Benefits of Refinancing
- Look at this situation, if you had extra money in your pocket every month and you were able to lower your monthly mortgage payment, or lower the amount of years you owe on that mortgage, that is everyone's dream when refinancing their home. This can happen when you refinance your home with OmniCentrix. A house may be the best asset you may ever have. Also, your mortgage payment may be the largest expense you'll have in your lifetime. It would be great to use the mortgage refinance option to reduce your monthly payment and put extra money in your pocket. When you refinance your home loan, you can take advantage of the extra equity in your home to get the payment and the cash you need.
- Lower your payments - Refinance your Mortgage Rate
- When you purchased your home, the fate of the financial market dictated your interest rate. Possibly, your credit rating and the down payment of the home could have influenced your interest rate. You were only able to get the rate that was available at the time of the purchase of your home. Interest rates go up and down all the time daily. The Federal Reserve cut rates when they seem fit in this economy, and then it is a good time to take advantage of the lower rates by refinancing your home and lowering your interest rate and mortgage payment.
- Lower the Term on your Mortgage when Refinancing
- One advantage of refinancing your home loan is that you can shorten the term of your mortgage. You have a 30-year mortgage and have been paying it for 6 years. When you refinance, you can lower your term of either, 20, 15 or 10 years. This type of refinance will save you thousands of dollars of interest over the life of the home loan. And, if the refinance rate is lower, you will save more money over time by cutting down the term of your loan by not paying more years in interest. Generally, the rates are much lower for shorter terms when you refinance.
- Cash-out Refinance Mortgage
- Another way to put some extra money in your pocket is to tap into the equity in your home and do what is called a "cash-out" refinance. With this home loan, you can refinance for an amount higher than your current principal balance and take the extra funds as cash as long as the equity in your home permits this type of refinance. You can use the money for remodeling your home, paying off high-interest rate credit card debt, or take a long needed vacation. It is up to you!
V.A. (Veteran) Home Loan
A VA Home Loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The VA Home Loan was designed to offer long-term financing to eligible American veterans. The best way to describe the VA home loan program is to supply home loans to eligible veterans in areas where private financing is not available and to help veterans purchase properties with no down payment. The veterans association also allows the seller to pay all of the veteran's closing costs, which is called sellers concession, as long as the costs do not exceed 6% of the sales price of the home.
- VA Refinance and VA Streamline Refinance
- Do you currently have a VA Mortgage Loan? Are you searching for more information about the VA Streamline Refinance mortgage program? If you are searching, OmniCentrix can help you find the perfect refinance loan. In a VA Refinance, where a new VA Home Loan is created, veterans may borrow up to 90% of the value of their home, where allowed by state laws. In a VA Refinance where the loan is a VA Streamline Refinance (IRRL Refinance), the veteran may borrow up to 100.5% of the total loan amount. The additional .5% is the funding fee for a VA Interest Rate Reduction Refinance also called a VA Streamline Refinance. The best part about it is, you don't have to document your assets, and you do not have to provide income documentation to complete a VA Streamline Refinance. Also, the interest rate on the new VA Mortgage loan must be lower than the interest rate on the old VA Home Loan.
FHA Home Loan, FHA Refinance and FHA Streamline Refinance
FHA Home Loan is a Government insured home loan. The FHA Home Loan provides more flexible underwriting for qualifying, higher debt ratio's and low interest rates. The down payment requirements when purchasing a FHA Home Loan are a low 3.5%, which are typically much lower than conventional loan products of 20%. FHA has permitted FHA Streamline Refinances on insured mortgages since the early 80's. The FHA Streamline Refinance refers only to the amount of documentation and underwriting that needs to be performed by the lender, and does not mean that there are no costs involved in the transaction.
OmniCentrix offers the FHA Streamline Refinance program. OmniCentrix also offers a "no cost" refinance by charging a higher rate of interest on the new home loan than if the borrower financed or paid the closing costs in cash. From this premium, we can pay most closing costs that are incurred on the transaction. The FHA Refinance option can include the closing costs into the new mortgage amount. The FHA Refinance can only be done if there is sufficient equity in the property by getting an appraisal completed. FHA Streamline Refinances can also be done without appraisals, but the new loan amount cannot exceed the original loan amount, determined by the FHA worksheet.
Here are the basic requirements of an FHA Streamline Refinance...
The FHA Home Loan to be refinanced must already be FHA insured. The FHA Home Loan to be refinanced should be current (not delinquent). The FHA Refinance is to help lower the borrower's monthly principal and interest payments. No cash may be taken out on mortgages refinanced using the FHA Streamline Refinance process.