A new home buyer seeking mortgage for the first time or someone who needs to refinance home mortgage may get overwhelmed as there are several options available in the market. At 5 Star Lending, we will help you in selecting the most appropriate refinancing loan options in San Jose, in the Bay Area, and in California. We understand there is no one size fits all solution to home financing and thus provide customer-centric refinancing options. We offer up-front credit approvals and fast on-time closing thus making the entire process easy and hassle-free. Our team of experts will guide you throughout the process of refinancing to close the best deals for you.
Speak to our experts to get a brief overview of all refinancing loan options.
Loans with Fixed Rate
A fixed rate loan has a fixed interest rate even if the market rate gets high. It ensures fixed monthly payments. The most sought-after home loan has a financial security of knowing how much expenses you will have to bear in the entire length of the loan. There are several variations of this, a 10 years, 15 years, 20 years, and 30 years fixed rate loan.
FHA loans are for those who don’t meet the criterion of traditional loans. People with low credit score and looking for flexible terms can easily opt for FHA loans.
Home Improvement Loans
Home improvement loans let you use the extra money to make structural improvements or remodeling. Such loans increase the mortgage balance over purchased price thus providing you with additional cash on hand.
San Jose area, Silicon Valley area, Bay Area are a few high-cost housing areas where a conventional loan may not be an option, especially the high-priced luxury homes. A jumbo mortgage is a home loan for an amount that exceeds conforming loan limits established by regulation. Our many jumbo loan programs will enable you to receive higher payouts which can bring you a new home.
Reverse mortgage is one way to help elderly people aged 62 or above to avoid monthly mortgage payment. They can easily convert their equity in their homes to monthly income or a line of credit.
VA Loans offers special mortgage rates and housing programs for active duty military personnel and veterans. They need to meet the criterion to apply for such loans. These programs are insured by United States Department of Veterans Affairs.
Home Affordable Refinance Program (HARP)
People who are unable to refinance due to loan-to-value guidelines can apply for HARP. This program offers low interest rates to homeowners to reduce their burden and improve financial health.
Call us now to get great tips on refinancing loan options from our experts.