Why Finance with Prime Choice?
2. Extraordinary client care
3. A+ rating with the better business bureau
4. Licensed in 25+ states
We will connect you with one of our mortgage experts who will work with you to find the right loan and walk you through the process of securing it from start to finish.
Every situation is unique. Some facts that will affect savings are current interest rate, credit scores, income, equity position, and more.
Typically, any second mortgages are paid off through the refinance. We will consolidate both loans into one new first mortgage and you will only have one payment each month. If you’d prefer to keep your second mortgage, we may be able to request your second mortgage lender to remain in second position and allow us to refinance the first loan. This process is called subordination and there is typically a fee charged by the second mortgage lender.
There are options that may allow you to refinance your loan even if the value of your home is less than what you owe. Call and speak with one of our mortgage professionals to see if you qualify for one of our programs.
Fees associated with refinancing vary from lender to lender. Some typical 3rd party fees include credit report, title, escrow, notary, and recording fees and lender fees such as processing and underwriting. If you are paying points to lower the rate, the cost of each equals 1% of your new loan amount. Aside from the closing fees, there will be prorated pre-paid costs for items such as property taxes, interest, and homeowner’s insurance (if applicable). If you have enough equity in your home, you can add all fees and pre-paid items into your new loan.
Income information is typically required including: 2 recent paystubs, 2 years’ W2s. asset information (ie. Bank statements), your most recent mortgage statement and your homeowner’s insurance declarations page.
Chose the stability of a traditional, fixed rate mortgage, which is one of the most popular for both refinance and purchase mortgages
An option for those who are planning on staying in their homes short term or would like to lower their payments
Jumbo loans allow for higher loan amounts. PCF is able to work with you to get the best rate and term for your Jumbo loan
Are you a responsible homeowner who is close to being underwater or already underwater on your mortgage? A HARP loan could help you refinance to today’s low rates.
Price is not the only factor in determining a home’s affordability. Other items include, interest rates, your credit scores, your down payment ability, and if you will qualify with your current monthly obligations. To see what kind of home you can afford, check out our Mortgage Affordability Calculator (link)
Typical escrows range from 30-60 days. This escrow period is what dictates when your loan will close. PCF can get closed quickly and efficiently and will not have a problem meeting the close of escrow date.
Typical conventional financing requires a down payment of 10-20%. There are other options available such as FHA programs which require as little as 3.5% down and VA programs (for active and veteran military personnel) which require no money down. There are other fees such as appraisal, closing, credit report, and lender fees which will all be discussed and disclosed early on in the process.