Refinancing Home Owners

Refinancing your home has many benefits if done correctly. It could lower your interest rate and monthly payment, pay for renovations and home upgrades, eliminate mortgage insurance costs, contribute to debts and loans, and more. To help make the right decision on how to refinance your home, contact Dee today and get started on what loan is right for you.


If you are looking to "cash-out" or get money back at closing for upgrades, renovations, debt consolidation, or any other personal use, there is a limit of 80% of the value you can borrow. For example, if your home appraises at $100,000, your loan is limited to $80,000 if you are cashing out the equity in your home.

Not Cash-Out

If you are just looking to refinance and save money, and not cash out, we can go higher than 80% value. Keep in mind that if you do go above 80%, you may be subject to monthly mortgage insurance.

Did you know?

Mortgage Insurance is NOT THE SAME with all Mortgage Companies! Know that our investors offer some of the lowest MI rates in the Nation. Know you have options and that you can be paying too much!

Conventional Loans

More relaxed appraisal guidelines
Closing time frame ~20 days
Most Common for Refinancing

With a conventional loan, there is no down payment and most of the time there are no out-of-pocket expenses to the borrower.

Appraisal guidelines are a little more relaxed with conventional loans, however, the property still has to be in good standing and not have any safety issues.

Conventional loans are usually able to close within 20 days.

If you are financing more than 80% of the purchase price, you may be required to pay Mortgage Insurance.

FHA Loans

More strict appraisal guidelines
Closing time frame ~20 days
Required Mortgage Insurance

FHA refinance works the same as conventional but will allow a higher Debt-to-Income ratio under certain circumstances. FHA loans also have (mortgage insurance) MI. This is a standard percentage set by FHA.

The appraisal guidelines are a little more strict for the property, and health and safety are big factors with the appraisals for FHA loans. For example, when looking at older homes, it is common to see paint peeling around the window seals. The FHA does not allow any peeling paint and would reflect that in the appraisal.

FHA loans usually close in 20 days and have monthly mortgage insurance that you are required to pay with your payment each month.

USDA Loans

Income Limit
Low-interest rate
Low Mortgage Insurance

A USDA refinance does NOT allow any cash-out and can only be used to lower the rate. You must have a current USDA loan to be able to refinance back to a USDA loan.

This loan is designed to help most of the average families who do not own multiple homes. There is not a stipulation if it's your first home or your 10th. It offers a low-interest rate with low mortgage insurance. As long as the property appraises for enough to cover the closing costs, you can finance the closing cost into the loan. There are certain metropolitan places that this program does not allow but I can guide you through those options.

VA Loans

Military Only
No Mortgage Insurance Required
Lower Interest Rates

VA loans are strictly for anyone that has served in the military. This is a wonderful "pay it back" program for our veterans that holds a special place in our hearts. VA loans allow cash out and can do higher than 80% borrowing value in certain cases. This is an incredible product for this reason: Even if you are over 80%, you will NOT have monthly mortgage insurance.

As opposed to the USDA loan, you do not need to currently have a VA loan to refinance into a VA loan. These loans are usually closed in 20 days.

To qualify, the veteran must produce a copy of the DD214 form where we can pull his or her certificate of eligibility directly from the VA. This will allow us to know if the VA is charging an upfront fee. If there is an upfront fee, the VA includes this in the loan amount so there isn't an out-of-pocket expense to the Borrower.

Generally, VA loans offer lower interest rates than any other loan product.

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