Mortgage Midland Park Refinance

FHA World - Mortgage Midland Park Refinance.

When you're thinking of refinancing your mortgage your option will be simple:

Conventional Mortgage Refinance - A mortgage that is equal to or less than the dollar amount established by the conforming loan limit set by Fannie Mae and Freddie Mac's Federal regulator, The Office of Federal Housing Enterprise Oversight (OFHEO) and meets the funding criteria of Freddie Mac and Fannie Mae. The term conforming is most often used when speaking specifically about a mortgage amount; however, the terms "conforming" and "conventional" are frequently used interchangeably. Mortgages that exceed the conforming loan limit are classified as non-conforming or jumbo mortgages.

FHA Mortgage Refinance - A mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low to moderate income borrowers who are unable to make a large down payment. FHA loans allow the borrower to borrow up to 96.50% of the value of the home. The 3.50% down payment requirement can come from a gift or a grant, which makes FHA loans popular with first-time buyers.

VA Mortgage Refinance - A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA). The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses. The VA loan allows veterans 103.15 percent financing without private mortgage insurance. In a purchase, veterans may borrow up to 103.15% of the sales price or reasonable value of the home, whichever is less. VA loans allow veterans to qualify for loans amounts larger than traditional Fannie Mae / conforming loans. VA also allows the seller to pay all of the veteran's closing costs as long as he home.

Portfolio Mortgage Refinance - A company that not only originates mortgage loans, but also holds a portfolio of their loans instead of selling them off in the secondary market. A portfolio lender lends their own money and also seeks to make profits off the spread (difference) between interest-earning assets and the interest paid on deposits in their mortgage portfolio.

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www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.