Refinancing a home a may be a great financial decision. One of our Licensed Loan Originators can help you make an informed refinancing decision. Regardless of your reasons for wanting to refinance your existing mortgage, an experienced Loan Originator can help you determine if a refinance is right for you.
*By refinancing an existing loan, your total finance charges may be higher over the life of the loan.
Purchasing a home is one of the largest decisions anyone will make. McGlone Mortgage Group is dedicated to making your home financing process as smooth and seamless as possible. From initial consultation to closing and beyond our entire staff is focused on providing personalized service targeted to your specific needs.
We offer an extensive portfolio available for every type of buyer from first-time home buyers to those moving up to a newer home we have the right financing for you!
A Conventional loan refers to a mortgage that follows the guidelines of government sponsored enterprises (GSEs) such as Fannie Mae or Freddie Mac but is not guaranteed or insured by the federal government.
Conventional mortgages can be classified as conforming or non-conforming. A conforming loan meets the parameters set forth by Fannie Mae or Freddie Mac while a non-conforming loan is one which exceeds the maximum loan limits established by these GSEs.
Conventional loans can be insured or uninsured. The insurance for conventional loans is referred to as Private Mortgage Insurance (PMI) and is a policy issued to provide protection to the lender in the event of financial loss due to a borrower’s default. Generally, a loan over 80% of the property’s value will require PMI insurance.
A strong credit history is a typical requirement for a conventional mortgage. Lenders tend to offer lower rates to borrowers who have clean credit histories and higher credit scores.
Conventional programs typically require a 5% down payment which must come from the borrower’s own funds. After this initial 5%, the remaining funds may be a gift to the homebuyer from a conventional allowable source. Gift funds that meet or exceed 20% of the property’s value do not require a minimum buyer contribution.
Conforming loan limits are set by Fannie Mae and Freddie Mac (GSEs) and are evaluated on an annual basis.
Purchase and refinance transactions are eligible for conventional loan programs.
FHA mortgages are a great option for homebuyers looking for a mortgage program with lower down payment options. A VA mortgage is a valuable benefit for qualifying military veterans.
Government programs are mortgages that are insured or backed by the Federal Government. These types of mortgage protect the lender if borrower does not pay their loan. At McGlone we offer many types of government programs to suit all needs.
Jumbo Mortgages are loans that exceed the conforming loan limits. Jumbos are ideal for the purchase of a higher priced or luxury homes.
Jumbo Mortgage benefits and features:
Loan Amounts to Fit Your Budget
Finance a Variety of Property Types
Perfect Credit Isn't Required
More Loan Terms to Meet You Needs
Terms effective for loans locked on or after April 30, 2021. Certain restrictions apply. Guidelines and product availability subject to change at any time. *Credit score requirements based on property loan type, property type, occupancy and LTV. **First-time home buyers are subject certain requirements per underwriting guidelines.
If you find a home to purchase with spectacular potential but it requires repairs, reconstruction or updates, a Renovation Loan from Homestead can make your vision possible. Using one loan to finance the home’s purchase and improvements simplifies the process.
If you love your current home but maybe it’s too small or outdated, use a renovation loan to remodel and customize it to make everything exactly as you want. You can choose from our Renovation Loan options depending on the scope and type of project.
Most grants are typically First Time Home Buyer programs and the grant underwriter provides a subsidy to be used to purchase a home.
Most grants are typically First Time Home Buyer programs and the grant underwriter provides a subsidy to be used to purchase a home. Many times geographic restrictions, income limits and/or maximum amounts apply. Oftentimes, the subsidy is a grant which must be repaid if the participants do not own and occupy the home as their principal residence for a period of time as mandated at the time of closing. Participants are responsible for all costs above the subsidy.
How to Find a Grant Program that works for you:
Grants may be subject to the following: Income or income ratio restrictions may apply. Geographic location restrictions may apply. Loan product may be subject to grant terms. McGlone Mortgage Group does not award grant money or make the decisions about who receives grant funds. This is merely provided for informational purposes in order for potential borrowers to contact grantees.
Grant Programs Supported by McGlone Mortgage Group: