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New York Office
646 Plank Road Suite 102 Clifton Park, NY 12065
518.982.0480
518.982.0483
Also serving areas of Florida including, Bonita Springs, Bradenton, Cape Coral, Clearwater, Fort Lauderdale, Fort Myers, Miami, Naples, Orlando, Panama, Panama Beach, Port Charlotte, Punta Gorda, Sarasota, St Petersburg, St. Augustine, Tampa, Tampa Bay, Vero Beach
The Mortgage Place is a registered mortgage broker with the New York State Department of Financial Services and a licensed mortgage broker of Florida Department of Financial Services. NMLS# 872824. As a company, we strive to provide customers with sound advice and exceptional service. The expert advice that you will receive from The Mortgage Place can only come from the combined years of experience and education of our professionals.
The Mortgage Place represents many mortgage lenders , banks and credit unions. We offer residential and commercial mortgage financing.
At The Mortgage Place, we recognize that buying or refinancing a home is a huge commitment. At our initial consultation, we will work together to determine your goals, needs and financial strategies. We will patiently describe the different mortgage programs in detail. Together we will decide on the best program and lender for your situation. You will be pleased with the competitive rate and the service that you will receive.
At The Mortgage Place, we recognize that buying or refinancing a home is a huge commitment. At our initial consultation, we will work together to determine your goals, needs and financial strategies. We will patiently describe the different mortgage programs in detail. Together we will decide on the best program and lender for your situation. You will be pleased with the competitive rate and the service that you will receive.
What it is: The FHA Streamline Refinance is a mortgage refinance option offered through the Federal Housing Administration (FHA). It's designed for homeowners who already have an FHA loan and want to refinance to a lower interest rate with less paperwork and fewer requirements.
Key Features:
Reduced Paperwork: As the name suggests, the process is streamlined. Borrowers don't need to submit as much documentation (like income verification or a home appraisal in many cases).
No Credit Check Required: In most cases, your credit score won't be a factor. The focus is on your payment history on your current FHA loan.
Lower Monthly Payments: By obtaining a lower interest rate or changing the term of the loan, monthly payments can be reduced.
MIP (Mortgage Insurance Premium) Refund: If you have paid MIP on your current FHA loan, you might be eligible for a refund that can be applied to the MIP for the new loan.
Who it's for: Homeowners with an existing FHA mortgage who have made their payments on time and want to lower their monthly payments or switch from an adjustable-rate to a fixed-rate loan.
VA IRRRL (Interest Rate Reduction Refinance Loan)
What it is: Also known as the VA Streamline Refinance, the VA IRRRL is a refinancing option designed for veterans and active-duty service members who currently have a VA loan. It's intended to reduce the interest rate on an existing VA loan or convert an adjustable-rate mortgage (ARM) to a fixed-rate mortgage.
Key Features:
No Appraisal or Credit Underwriting: In many cases, there's no need for a new appraisal of your home or a credit check.
Lower Interest Rates: The primary purpose is to get a lower interest rate, which can significantly reduce monthly payments.
No Out-of-Pocket Costs: All costs can be included in the new loan, meaning there's often no immediate, out-of-pocket expense.
Funding Fee Flexibility: There's a funding fee, but it's lower than that for a first-time VA loan and can be rolled into the loan amount.
Who it's for: Veterans, active-duty service members, and possibly surviving spouses who have an existing VA loan and are looking to reduce their monthly payments or stabilize their interest rate.
Things to Consider:
Closing Costs: Both options may have closing costs that can sometimes be rolled into the loan, increasing the overall loan amount.
Net Tangible Benefit: Borrowers must demonstrate a net tangible benefit, meaning the refinance should make financial sense (like lowering the interest rate or changing the loan term).
Lender Differences: Not all lenders offer the same rates or terms, so it's beneficial to shop around.
