Why Should You Refinance?

Simplify your monthly payments and secure your home with a Conventional Refinance

Potentially eliminating mortgage insurance: A conventional refinance is a more stable loan from the perspective of the lender, which can reduce the need for monthly mortgage insurance payments.

Leverage your home equity: You have more home equity when you qualify for a conventional refinance loan, which means that you may be able to take out a larger loan for additional needs.

Take advantage of better rates: Depending on interest rates, you may be able to secure better terms when you qualify for a conventional refinance than when you first took out the loan.

The FACTS about Home Refinance Loans

Refinancing can save you money: One technology provider for the mortgage industry believes that 5.9 million homeowners could cut 0.75% from their mortgage rate with a conventional refinance.

Home prices are only going up: If you can pay less money to own a home in the current market, you’ll be saving yourself a lot of headaches. The chief economist of the National Assocation of Realtors expects 2019 prices to be over 2% higher than they were in 2018.

It’s a good time to own more of your own home: It’s been a “seller’s market” since 2012, according to NerdWallet.com, which means that owning a greater percentage of your own home (as is required in a conventional refinance) helps you maximize your  equity.

It pays to strike while the iron’s hot: One of the most important things about a conventional refinance is that it allows homeowners to lock in favorable interest rates. Mortgage rates fell since 2018 in the first half of 2019, which suggests now is as good a time as any. Low rates, lower payments, and equity that’s never been more valuable. Is now the time for you to consider a conventional  refinance?

Potentially smaller payments: Using a conventional refinance on a mortgage can help you simplify and cut the monthly payments you make, giving you more financial wiggle room to own your home.

If you haven’t closed a new home purchase or refinance within the last 18 months, you’re likely eligible for mortgage rates ranging from 2.5% – 3.0%*. This offer is…

UNBEATABLE: Significantly better pricing than banks and other lenders

FLEXIBLE: Includes 30-year fixed, 20-year fixed, and 15-year fixed options

FAST: Close in less than 30 days

SPECIFIC TO HOMEOWNERS: Available on home purchases & rate/term refinances of primary or secondary residences. Conventional loans only.

LOCAL: Property must be located in Southern California.

2 Ways to Use Your FHA 203(k) Loan

Buy a Fixer-Upper (and Fix It Up)

Or... Renovate Your Current Home!

The team at Philadelphia Mortgage Brokers are polite, prompt, and professional. I've recently partnered with Evan and he can assist you through your mortgage process with the highest level of quality.

- Michael R.

Once again, The Philadelphia Mortgage Company has proven to be the absolute best mortgage company. Their team of professionals are extremely knowledgeable and totally dedication to customer service. This was the perfect customer experience! They make you feel as if you were family. Note to my fellow Veterans… This company truly will get you the best VA rate possible.

- Jay C.

Paul and his team at Philadelphia Mortgage Brokers are exceptionally professional and effective at getting the best deals possible for their clients. Paul handled two refis for me, and the process couldn’t have gone smoother. Highly recommend!

- Eric A.

I highly recommend Philadelphia Mortgage Brokers services. My spouse and I refinanced our home and PMB were extremely professional, efficient and knowledgeable explaining every detail clearly and concisely. PMB made the process effortless and I am very grateful we chose PMB to refinance our home

- Lynne B.

I would highly recommend Philadelphia Mortgage Brokers. They recently assisted me in purchasing a home in NJ. Paul Carson, Andy Stahl and their processing team were all great. Personable and professional. They all worked closely with me to ensure the process was smooth and successful. They are military friendly and knowledgeable with VA loans which was important to me. The team was always available to answer all my questions and made sure I wasn't missing anything. They also provided me with great referrals for various homeowner needs. I would not be in my lovely new home without this team. 5 out of 5 stars!!!

- Ann T.

They were great to work with and we got a really good rate. Very happy. Start to finish was less than 2 weeks.

- Sharon A.

I've done a couple of new and refinance mortgages with Paul and team, and they have always been great to work with. I trust they know the market, are looking out for my interests, and are on top of any issues that may come up. The rate and terms on this loan option they found made it a no-brainer, and getting it done was an absolute breeze from application to closing.

- Andy H.

Excellent experience; Paul and his team were in touch with us thorough out the process. They answered every possible question we had. They were instrumental in helping us purchase our home; since this is a fast moving market, we had to submit offers fast, and they were able to respond quickly.

- Misael P.

We had a great experience with Eric! He was easy to work with, found us the best rate quickly and guided us through the whole process. We even started our journey late on a Friday afternoon early evening and he was accessible and dedicated a great amount of time to us in helping us figure out what to do! Would highly recommend this team to anyone!

- Jessica L.

Your Renovation Wish List Could Include...

Increase window size

Bring in more natural light

Finish a basement or attic

Create a mother-in-law apartment or guest space

Correct foundational issues​

Protect your investment for the long-term

Add a detached garage when one does not exist​

There’s room for everyone

Knock down walls​

Open up the floor plan to create versatile, welcoming spaces

Flood-proof your property​

Add a retaining wall to prevent expensive damage

Repair the pool​

Tired of leaks and cracks? Fix the pool & start enjoying it

Expand or refresh the kitchen​

Cooking is just more fun in an updated kitchen

Add square footage​

Growing your family? Grow your home alongside it!

And so much more! ​All funded by your single, convenient FHA 203(k) Renovation loan.

And start planning your renovations now!

After remodeling, ​74% of owners have a greater desire​ to be in their home, and ​65%​ ​have increased enjoyment​ in their home.

Source: National Association of Realtors® 2020 Remodeling Impact Report

How Does a Renovation Loan Work?

Depending on the types of repairs you plan to do, ​you have two options​ when it comes to securing a FHA 203(k) Renovation Loan: Limited and Standard.

The Limited 203(k) loan

The Limited 203(k) loan is for non-structural or “cosmetic” repairs. It covers up to $35,000 in renovation costs. With a Limited loan, you can do nearly anything that doesn’t affect the home’s structure! ​Think kitchen and bathroom remodels, carpet and flooring replacement, painting, appliance replacement, and much more.

The Standard 203(k) loan

The Standard 203(k) loan is a loan for projects with repair costs over $35,000. It can be used for structural or non-structural repairs. With a Standard Loan, you have even more flexibility. ​You can expand the home’s footprint, improve accessibility for differently abled people, and even move the home to a different site.

Check my eligibility today! Discover what you can do with an FHA Purchase or Renovation loan!

What Do You Need to Know about Refinancing?

What is a conventional refinance loan?

“Conventional” means that this refinance loan is what most people mean when they talk about refinancing their home. Refinancing means changing the existing terms of the loan, usually to secure better terms for the homeowner. You can use this strategy to lock in lower payments.

Can I refinance from an FHA loan to a conventional refinance loan?

You can, provided that you meet certain criteria, such as owning enough equity in the home. A conventional home loan typically requires that you purchase as much as 20% of the home’s equity in the form of a down payment. If you have more equity, the better your chances will be of securing a favorable refinance.

What are the advantages of refinancing?

Numerous! You can save money, lower your monthly payments, and potentially even lower or eliminate the cost of monthly mortgage insurance. You can also shorten the term of the loan if you want to take advantage of a higher income to make a long-term investment in the ownership of your home.

Should I get a fixed rate or variable rate loan?

There’s no one answer for this. Generally, if your goal is to lock in current interest rates, a fixed rate loan can be highly favorable; variable rate loans are less predictable, but they typically mean that you’ll have lower payments in the short-term future, which increases your home affordability.

What stays the same if I refinance?

You won’t change the amount of principle owed on the loan, which means that home refinancing is not a “shortcut” except that it may be easier to make your monthly payments. Your collateral on the loan also will likely not change.

Your home, your way.
That’s the FAIR WAY!