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.

• Lower your interest rate and/or monthly payment* - This can make a big difference in your monthly out-of-pocket costs for housing and save money spent on interest costs.
• Build equity faster - Income changes may allow you the flexibility of making a higher payment. If this is the case, you may want to switch from a 30-year loan program to a 15- or 20-year loan program. This enables you to build equity faster and save money on interest costs.
• Change your loan program - Homeowners who currently have an adjustable rate mortgage (ARM) and find their interest rate climbing may benefit by switching to a fixed rate program.
• Take advantage of improved credit score - If your credit score has improved, you may be able to lower your interest rate and/or monthly payment.
• Use the equity you have established - A cash-out refinance allows you to tap into the equity you have built up in your home. Common reasons to obtain a cash-out refinance are: to pay off debt, send a child to college, or use the money for home improvements.

*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!

Highlights of the Conventional Mortgage program:

• Allows for the purchase or refinance of single family second homes
• Allows owner-occupants and investors to purchase or refinance 1-4 units, townhouses, approved condos, or Planned Unit Developments (PUDs)
• Allowable seller contributions depend upon the down payment and occupancy
• No first-time home buyer restrictions
• Co-signers are allowed to help buyers qualify for single family residences
• Conforming loan limits apply

What is a Conventional Mortgage?

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.

How a Conventional Mortgage works:

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.

You will benefit from the Conventional loan program if you:

• Have a 20% or greater down payment
• Need financing for a second home or an investment property
• Desire the ability to waive the requirement to escrow for taxes and insurance with a down payment of 20% or greater
• Need to finance a property that exceeds FHA loan limits
• Are looking for flexible PMI requirements for loans with down payments less than 20%

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.

Conventional loans are not insured by the FHA or VA. Usually, these are a good option for homebuyers with strong credit history and stable employment status.

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Highlights of the Jumbo Mortgage Program:

• Able to finance higher value properties or luxury homes
• Allows for the purchase or refinance (rate/term) of owner occupied properties, primary residences, second homes, vacation homes, condominiums
• Cash out refinance transactions are eligible for primary residences only
• Typically require 20% down payment or more
• Seller contributions are allowed
• Available for 10-30 year terms

What is a Jumbo Mortgage?

A jumbo loan is a mortgage that is larger than a typical conforming loan and they are available in a variety of options and terms. It is similar to a conventional loan except that it exceeds the loan limits set by government sponsored enterprises like Fannie Mae and Freddie Mac. While a conventional loan follows the guidelines established by Fannie Mae and Freddie Mac, jumbo loans do not. They are considered to be non-conforming because they are higher than the conforming limit. These limits can vary from state to state and are based on the geographic location. In certain areas, the conforming loan limit is over $400,000 and in high cost areas, it can be over $600,000 to be considered a jumbo loan. A loan amount below the standard limit is considered to be a conforming loan because they follow the guidelines established by Fannie Mae and Freddie Mac. Conforming loan limits are set by Fannie Mae and Freddie Mac (GSEs) and are evaluated on an annual basis.

How a Jumbo Mortgage Works:

On average, the upper limits of a jumbo loan can range from one million to two million dollars and in some cases, a loan amount above that can be considered as a Super Jumbo Loan depending on the location and the lender. Jumbo loans usually have larger monthly payments and require a larger down payment, typically 20% or more compared to a conforming conventional loan. Typically conforming conventional loans require a 5% down payment. They also depend on the amount of the loan, the type of property, the number of units a property has, and whether or not it is a primary home. Jumbo mortgage interest rates are generally higher than a conforming conventional loan.

You will benefit from the Jumbo Mortgage Program if you:

• Require a loan that exceeds Fannie Mae and Freddie Mac loan limits
• Need financing for a jumbo primary residence, second home, vacation home
• Have a strong credit history and a high credit score
• Able to provide documentation of income

For A New Home Purchase

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.

Enhance Your Current Home with a Renovation Refinance

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.

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Thinking About Using Grant Funds 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:

1. Find out what funding is available in your area. Contact HUD, search for non-profit organizations in your area, visit your local government, or search the government grant database for home mortgage grants.
2. Closely review the eligibility requirements. Some home mortgage grants may have very little limitation, while other programs may require a credit check and income verification. Some may require classes or counseling.
3. Once you have identified the home mortgage grants that you may qualify to receive, submit your application to the appropriate agency. Turn around time could be anywhere from 48 hours to several weeks, on average you could expect to receive an answer in a couple of weeks.

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: