Refinance
We understand that every client's reason for refinancing their home is different than the next. We also know that you may be a very different type of borrower than you were when you purchased your property or last refinanced it. For this reason, we help you evaluate your refinancing needs to ensure that you are getting the loan that provides the best value for you. Let's get started.
Years you plan to stay in the house
Suggested Program Options
Here are just a few of the many reasons why a homeowner might decide to refinance.·
- Pay off high interest rate credit cards and/or consolidate debt
- Send a child to college
- Take a long-awaited vacation
- Do home improvements
- Lower the monthly mortgage payment
- We also offer home equity loans and home equity lines of credit.
Our experienced loan professionals can assist you in determining what type of loan program best meets your needs now but also meets the homeownership goals you may want to reach later. Take a look at the various concepts and programs we have listed below and then apply on-line to get your loan process underway.
Years you plan to stay in the house
Suggested Program Options
One to Three
2/28, 3/27, 3/1 ARM, 3 year Interest Only
Three to Five
5/25, 5/1 ARM, 5 year Interest Only, OPTION ARM
Five to Seven
7/1 ARM, 7 year Interest Only
Seven to Ten
10/1 ARM, 30 yr fixed, 15 yr fixed
Ten Plus
30 year fixed, 20 year fixed, 15 year fixed
Loan Programs | Key Points | |
| Fixed Rate Mortgages (FRM's) | · Monthly payments are fixed over the life of the loan · Interest rate does not change · 15-year, 20-year, and 30-year terms | |
Adjustable Rate Mortgages (ARM's) | · Lower initial monthly payment · Lower payment over a specified period of time · Rates and payments may go down if rates improve · May qualify for higher loan amounts | |
Balloon Mortgages | · Lower initial monthly payment · Lower payment over a specified period of time · Many balloon mortgages offer the option to convert to a new loan after the initial term. | |
Interest Only Mortgages | · Lower monthly payment for a certain period · Qualify for higher loan amounts | |
Option ARM | · Have 3 or 4 payment options each month · Qualify for higher loan amounts | |
| How will you qualify for a purchase loan? | ||
| Full Income Documentation | Requires previous 2 years W2s and tax returns, one (1) month of pay stubs, and 2 months of bank statements to document income. | |
| Lite Documentation | Show income through twelve(12) or twenty-four(24) months of bank statements | |
| Stated Income, Documented Assets | State you income with your good credit with no Verification. Show assets with bank statements, investment quarterly statements, etc | |
| Stated Income, Stated Assets | With your good credit, you can simply state your income and assets | |
| No Income, No Asset | With your excellent credit, you simply sign the application without any mention of income or assets. | |
Lincoln Mortgage Company has many unique programs to serve your needs: · Purchase a house with $0 down - just pay closing costs · Closing costs can be financed with your good credit in some cases · No PMI at all on Our Non-Prime on our programs · Debt Consolidation programs You may be able to get qualified with Lincoln Mortgage Company even if you've been turned down before! | ||
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