Refinancing a Home Loan

Refinancing a Loan

What Types of Mortgages are Available for Refinancing a Home Loan?

Conventional Refinancing Loans - Ideal for Borrowers with Excellent Credit and a Substantial Home Equity
Conventional Home Refinancing Loans are more credit score driven than other loan types and at least a 620 FICO score is required to obtain an approval through ENG Lending's conventional loans. If your credit score is less than perfect, an FHA Loan, USDA Loan or VA Loan could be a better fit for you.

FHA Refinancing Loans - Ideal for Borrowers who have Less Than Perfect Credit and a Smaller Home Equity
FHA Mortgage Refinancing Loans are not totally credit score driven, although at least a 620 FICO score is required to obtain an approval through ENG Lending. For FHA Refinance Loans, if the borrower does not take cash out then the maximum financing will be 97.75% of the appraised value of the home or the amount you are refinancing plus closing costs, whichever is lower. If the borrower wishes to take cash out of the property, then the maximum financing amount is 85% of the current appraised value.

VA Loans - Ideal for Borrowers who are Veterans of the US Armed Services
ENG Lending offers affordable, easy-to-understand VA Refinance Home Loans in recognition of the contributions and sacrifices veterans have made for America. A 620 FICO score is required to obtain a VA Refinance Loan approval though ENG Lending. For refinancing a loan with a VA Mortgage, if the borrower does not take cash out then the maximum financing will be 100% of the appraised value of the home or the amount you are refinancing plus closing costs, whichever is lower. If the borrower wishes to take cash out of the property, then the maximum financing amount is 90% of the current appraised value.

What Type of Refinance Mortgage is Right for Me?
ENG Lending knows the world of refinancing home equity loan programs can seem complex. That's why our mission with each client is simple: provide the best loan, with the lowest possible rate, while executing the highest standards of customer service and offering clients the peace of mind knowing they are working with a credible and insured mortgage banker.

Learn more about Conventional Loans, FHA Loans, and VA Loans.

How do I Choose the Right Home Loan Mortgage?
If you want to see how to determine whether to refinance or not and hear the mortgage refinance dos and don'ts and the when to refinance rule of thumb, mortgage information from ENG's experts is the place to start. It's easy - contact ENG's friendly, knowledgeable loan experts today.

What Types of Mortgages are Available for Refinancing a Home Loan?

Conventional Loans
Conventional Loan requirements are more credit score driven than other loan types and a 620 FICO score is required to obtain an approval through ENG Lending. Conventional Loan guidelines are currently written in a way that a borrower with a 740+ credit score can usually obtain the best interest rate possible. As a borrowers credit score decreases below a 740, sizable fees and rate increases could be added, in excess of the 1-2 percent range. If your credit score is less than perfect, an FHA Loan, USDA Loan or VA Loan could be a better fit for you.

FHA Loans
FHA mortgage loan requirements are not totally credit score driven, although a 620 FICO score is required to obtain an approval through ENG Lending. FHA mortgage guidelines are written in a way that provides the borrower the benefit of the doubt that there had been, at some point in their past, circumstances beyond their control, and as long as the borrower has recovered from those circumstances in a reasonable manner, they're generally going to be credit-eligible for an FHA mortgage.

VA Loans
ENG Lending offers affordable, easy-to-understand VA Home Loans in recognition of the contributions and sacrifices veterans have made for America. Whether you're buying your first home or thinking of building your one-of-a-kind dream house, ENG Lending is your ultimate Veteran's Affairs loans information center. VA Loans require no down payment and no mortgage insurance. A 620 FICO score is required to obtain a VA loan approval though ENG Lending.