Refinance Loan Programs:
What is a Refinance Loan:
A refinance occurs when the terms of an existing loan, are revised. Common goals from refinancing are to pull equity out for home improvements or debt consolidation, lower one's interest rate to reduce payments over the life of the loan, change the duration of the loan term, or switch from a fixed-rate mortgage to an adjustable-rate mortgage (ARM) or vice versa.
Refinance Loan Types
Cash Out
Rate and Term
Streamline
How do I request a refinance quote:
Getting a refinance quote is easy and straightforward. To get started, you will need to provide us with a few key pieces of information (see sidebar). You can submit your quote request through the Apply Now link above.
At Synergy Capital Lending, Inc., we believe in being transparent with our clients, so our quotes will include all fees and closing costs. That way, you can have a clear understanding of the total cost of your refinance and make an informed decision.
Our goal is to make the refinancing process as simple and stress-free as possible. Providing you with a detailed and accurate quote is the first step.
If you'd like to speak with an expert about your refinance goals to learn the best refinance option for you, simply call or email Dustin Fritz. He will provide you with a formal quote and assist you every step of the way.
Basic documents needed to begin a refinance:
Copy of your mortgage statement
Estimated credit score
Current loan balance
Email address
Property address
Estimated annual homeowners insurance
Your goals for refinancing (cash out, rate and term adjustment etc.).
What is a VA Interest Rate Reduction loan?
If you currently have a VA loan, you may be able to take advantage of a VA Interest Rate Reduction loan (IRRL), also known as a VA streamline refinance. This type of refinancing allows you to lower your interest rate and potentially reduce your monthly mortgage payment.
One of the biggest advantages of an IRRL is that no appraisal or income documentation is required, making the application process quick and easy. Additionally, the IRRL allows you to skip up to two mortgage payments, which can be a significant benefit.
Another advantage of the IRRL is that you will receive a full escrow/impound account refund, which you get to keep. This can be a substantial amount of money and can be used for any purpose.
At Synergy Capital Lending, Inc., we offer IRRL refinancing options with no new fees rolled into your loan. In fact, we're required to drop your interest rate by at least 0.50% or more. This means that you'll be able to enjoy a lower interest rate and potentially save thousands of dollars over the life of your loan.
If you're interested in learning more about VA IRRL refinancing, contact us today. Our experienced loan officers can help you determine whether this type of refinancing is right for you and guide you through the application process.
Key Benefits of the VA IRRL:
What is an FHA Streamline Refinance?
FHA Streamline Refinance is a type of mortgage refinance that is specifically designed to help existing FHA borrowers refinance their loans quickly and easily. The "streamline" part of the name refers to the fact that the process is streamlined and simplified compared to a traditional mortgage refinance.
Review key benefits of the FHA Streamline Refinance:
No appraisal required: With an FHA streamline refinance, there's no need to have the property appraised. This can save time and money, as well as make the process easier for borrowers.
No income required: Because the FHA streamline refinance is designed for existing FHA borrowers, there's no need to provide income documentation. This can make the process faster and less complicated.
No origination, lender, or title fees: This can save borrowers thousands of dollars compared to a traditional refinance.
Skip up to two mortgage payments: With an FHA streamline refinance, borrowers can choose to skip up to two mortgage payments. This can provide some financial relief during the refinance process.
Full impound/escrow account refund: If the borrower has an impound/escrow account with their current lender, they will receive a full refund of any remaining funds in that account.
New impound/escrow account: A new impound/escrow account will be set up for the borrower through the closing of the new loan. This ensures that property taxes and homeowners insurance are paid on time.
Overall, an FHA Streamline Refinance can be a great option for existing FHA borrowers who want to refinance their mortgage quickly and easily while saving money on fees and possibly skipping a couple of mortgage payments. It's important to note, however, that not all lenders offer FHA Streamline Sefinance loans, so it's a good idea to shop around and compare options before deciding on a lender.
Dustin Fritz
Owner/Broker
850 Iron Point Rd.,
Suite #110,
Folsom, CA 95630
Office: (916) 459-1158
Cell: (916) 320-6845
Fax: (916) 258-0947
Company NMLS #8580, NMLS Consumer Access / CA BRE: 01867225 / ID Lic. #NBL-2080008580
License held in: CA, TX, ID
For informational purposes only. No guarantee of accuracy is expressed or implied. Programs shown may not include all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions may apply.