Refinancing Programs

Several of our home refinancing and niche programs

Many times we see signs of confusion over this term, these definitions of refinancing will help clear any confusion. Overall to most loans, understanding the best sense of the term, is to take an existing loan balance and interest rate, and paying off the loan with a new loan and interest rate. Consequently lowering you overall interest rate and monthly payment. However, in addition to this, many options lie within the common term refinancing:

Bad credit home refinancing
Equity line of credit
Second mortgage
Debt Consolidation
Investment property refinancing
Jumbo loan refinancing
Cash out home refinancing
Hard money refinancing

Bad credit refinancing
In some cases, after initially purchasing a home, some homeowners fall on hard times, get extended to much credit or struggle to make monthly payments and damage their import credit history. These situations are what Allhomecredit.com specialize in. We help homeowners get back on track, during or after bankruptcy, foreclosure, divorce, or any life changing situation which places them in a situation where their credit history has been adversely affected. We can provide high loan to value(amount financed compared to value of home) loans even in the worst of situations. Short term financing to make neccessary payments and pay offs to bring things under control. Or bail out loan which help get you out of foreclosures, bankruptcy's or other sticky situations which can be devastating to your family.
Top

Equity line of credit
An equity line of credit is a mortgage obtained on the difference between what your home is worth and the existing loan balance. Normally, if credit history allows, you can borrow all the way up to 100% of the value of your home. Traditionally an equity line of credit works like a big credit card. You only pay a monthly minimum payment based on how much of the equity line you have used. This type of loan gives you the ability to use as much or as little of the loan as you see fit, when you see fit. Terms of the loan are normally 5 - 10 - 15 - 20 years. Other programs exist however most fall under this time frame.
Top

Second mortgage
The alternative to an equity line of credit is a second mortgage. Where both loans utilize the existing equity in your home. The second mortgage is usually a fixed monthly payment, requiring you to take the entire loan amount up front to use as you see fit, however the loan is amortized over a period of time similar to a equity line of credit. Each monthly payment being a principle and interest installment towards the remaining balance of the loan.
Top

Debt consolidation loans
This loan type is by far our favorite type of loan. Understanding that our ultimate goal is to help our clients get out of debt, multiply their net liquid worth and enjoy a financial freedom that only being debt free can offer. Debt consolidation loans can accomplish this in record time. By taking all you consumer credit(credit cards, department store cards, personal loans) "not including car loans" and get out from underneath of them. This frees up your monthly cash flow to put to work in other areas of your life. A debt consolidation loan takes all those loan balances, and converts them to one single payment.

Investment Property Refinancing
Experience in refinancing investment property should be anyone's first concern when choosing a company to help with this process. The rules that apply to owner occupied property go out the window when it comes to investment. There a separate qualification requirements, loan to value restrictions, cash out, interest rate restrictions, and minimums. A lender with many resources for securing an investment property refinancing loan can be the single most important aspect for getting the right refinancing product to help you meet your goals. We offer 100% refinancing, unlimited cash out, stated or no documentation loans, and alternative refinancing products like payment option arms and lines of credit.
Top

Jumbo loan refinancing
Refinancing a loan over the average amount of 400,000, through-out the country, places that loan in the category called Jumbo loans. The difference is that it is more risk to the end investor because of the higher loan amount and the higher payment in which the homeowner pays. This makes more risk from an investment standpoint when it comes to the ability of someone in a distressed position, to make the high payment as opposed to going into foreclosure. For Allhomecredit.com, we do not treat all loans over this threshold as jumbo. For us most of the time, jumbo starts at 750k. The difference for us is the quantity and type of investors we have as resources to use. We can handle loans from 100,000 to 4,000,000 and in some cases up to 25 million.

Cash out home refinancing
Very simply put, cash out refinancing means to pull cash out of your home. This is normally done through a complete refinancing as apposed to a second mortgage. In most cases, the over-all payment compared to second mortgage combined with your existing first mortgage payment, is lower when you complete a cash out home refinancing loan. The cash can normally used for any purpose with very little restrictions placed on the funds in most cases. We offer unlimited cash out programs with little or no questions asked. The debt consolidation loan is very similar except that under that type of loan, you are fully disclosing which debts you would like to pay off and through the closing of your loan these debts will be paid in full, leaving the remaining balance of the proceeds for you at your discretion.
Top

Hard money refinancing
Select investors in the market will provide what is commonly known as Hard money refinancing loan. These loan are normally a higher interest rate, with less flexible terms, and are normally used for a short period of time. The benefit to a hard money loan is, credit is not usually a factor, the time to close the loan is extremely fast and the funds received can be used for anything. This makes them great when you need quick money for a time sensitive investment, or to pay off some delinquent bills and you are unable to qualify for any other type of home refinancing loan. Talk to an Allhomecredit.com representative to find out if this type of loan is right for you. More times than not, there are alternative avenues which provide solutions with mush less risk and cost.
Top