Streamline Refinance

The Streamline Refinance program allows FHA-approved lenders to refinance current FHA-insured loans to a lower interest rate or to a different type of mortgage (fixed- or adjustable-rate mortgage). Streamline Refinance refers only to the amount of documentation and underwriting that the lender must perform; it does not mean that there are no costs involved in […]

How long does it take to refinance a mortgage?

Many refinance loans can take 30-45 days to close but there are lots of exceptions if your finances are complex or you’re refinancing at a particularly busy time of year. There are, however, steps you can take to limit your exposure to delays. Much of the documentation that you’ll need to provide for processing can […]

What documents are required to refinance?

Your documentation allows underwriters to verify that you’re a good fit for the loan option you’ve selected. Here is a list of some of the most common documents that your loan officer may ask for: Your lender will also need to pull your credit report as a part of the refinance process, so have your Social Security […]

Will a refinance help get rid of my PMI?

Refinancing a mortgage can potentially help eliminate private mortgage insurance (PMI), but it depends on individual circumstances. PMI is typically required when a homeowner puts down less than 20% on a home purchase. Refinancing to a new loan with a lower loan-to-value ratio may allow for PMI removal. However, it’s crucial to consider refinancing costs […]

Non-Qm Home loan

In order to better understand a Non-QM, it is helpful to be familiar with the criteria of a qualified mortgage. A qualified mortgage (QM-loan) is a home loan that meets certain standards set forth by the Consumer Protection Act and the Dodd-Frank Wall Street Reform Act, signed by President Obama following the 2008 housing crisis. […]

Benefits of Renting Vs. Home Buying

The cost of renting vs. buying a home is a common dilemma that many individuals face. While renting may offer flexibility and lower upfront costs, buying a home can provide long-term financial benefits and a sense of ownership. However, navigating the home-buying process can be overwhelming, especially for first-time buyers. That’s where Pilgrims Mortgage comes […]