Real Estate and Mortgage Glossary
Loan Type Today Last Week
30 Year Fixed Rate 5.96 5.91
15 Year Fixed Rate 5.54 5.52
5/1 Adjustable Rate 5.52 5.56
30 Year Jumbo 6.56 6.55

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FHA Refinance

Walsh Mortgage Pre Approvals

If you’re in a FHA home loan you have an excellent opportunity to refinance at no cost to you. You will not have to verify credit, income, assets or need an appraisal. This ability is rewarded to you for making all of your FHA mortgage payments on time. For example if you have a rate of 6.5% in a FHA mortgage we can refinance you by at least 25% at absolutely no cost to you.

  • This process is called a streamline refinance. By lowering your interest rate you will notice immediate savings on your monthly payment. Additionally, you will save thousands of dollars over the full loan term.
  • The streamline refinance is available an unlimited amount of times. Therefore as interest rates continue to drop you can continue to lower your interest rate.

Rate and Term Refinance

A rate and term refinance is an excellent way to lower your monthly mortgage payment or transition from one loan program to another. If you are in an adjustable rate mortgage and would like to refinance into a fixed rate mortgage you’re looking in the right place.

When you do a rate and term refinance you are in effect changing the Interest Rate and the Mortgage Term. Therefore, if you are in a 30 year fixed at 6.5% and rates drop to 5.5% you are adjusting your rate. If you are in a 30 year mortgage and would like to adjust into a 15 year mortgage you are changing your term.

When you are working with the right mortgage professional rate and term refinances are very easy for you. You will pay minimal closing costs and may or may not need an appraisal.

Cash Out Refinance
  • A Cash Out Refinance can be done in order to refinance your home and pull cash out against the equity of your property. You can either take cash out of your home for personal use or to pay off any debt.
  • If you have more than 1 loan on your property you can also refinance both of the loans into 1 fixed mortgage while also pulling cash out of your equity.
  • One of the best benefits of doing a cash out refinance is that depending on your current interest rate and program you may be eligible to obtain cash and still lower your monthly payment.
  • When doing a cash out refinance you are able to borrow up to 100% of your home value.