Omaha Refinance Mortgage

Omaha Refinance Mortgage

If you have a current mortgage in Omaha, NE you may benefit from refinancing your home loan. The most important pieces of information to know include:

  • What type of loan do you currently have?
    • Certain programs may have streamlined or reduced documentation options for you to take advantage of lower interest rates
  • When you you close on your current loan?
  • What is your current interest rate?
  • What is your current loan term?
  • What is your current balance?
  • What is your home’s current estimated value?
  • What is your estimated credit score?

As soon as you have the above information together, we can begin to find the best option for you to take advantage of.

If your current loan is a conventional conforming home loan owned by Fannie Mae or Freddie Mac, you may qualify for one of the HARP Refinance programs. This can give borrowers the ability to refinance their home loans even if your property value has decrease a little during the last several years. Visit the Fannie Mae and Freddie Mac websites to find out if they own your home loan.

The FHA home loan program has a very good streamline refinance program. If your current loan is an FHA loan you may qualify without the need to verify your income or without the need to obtain a new appraisal. This saves borrowers both time and money when completing the refinance process. It is also very important to know when your current loan closed. FHA has increased their MIP significantly, but if your current loan was endorsed by FHA on or before May 31, 2009, you may qualify for a reduced premium refinance.

VA Home Loans also offer a special program for refinancing. This programs includes reduced documentation and reduced VA guarantee fee. This can save borrowers a significant amount of money vs. the cost of a purchase VA loan.

Also available with the conventional, FHA and VA Loan programs is the cash out option. Cash out can be used for a variety of activities including investments, home improvements and paying down debts.

The individual programs all have different guidelines. Please contact Capital City Mortgage and one of our licensed loan officers will be able to find the best solution for your home loan.