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.
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.
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.
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.
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: