Refinance Loans
First Preferred Mortgage Company offers flexible refinancing options to meet your changing financial circumstances. Whether you want to take advantage of lower interest rates, or avoid increases on an adjustable-rate or balloon mortgage, we can help you decide whether now is a good time for you to refinance your home. If so, we'll walk you through the refinancing process to match you with the perfect loan.
Refinancing is easy with First Preferred. If you're ready to refinance your home, you can start the process by completing our online application. If you would like to learn more about our refinancing loan options, call us at 1-800-700-5839 to speak with one of our mortgage experts, or email refi@firstpreferred.com.
To learn more about each of First Preferred's refinancing programs, visit the links below.
Fixed Rate Loans
Adjustable Rate Loans
Balloon Loans
Executive-Jumbo Loans
Investment Property Loans
Interest Only Loans
VA Loans
FHA Loans
USDA Rural Development
Fixed-Rate Loans
Fixed rate mortgages allow you to keep the same interest rate for the entire life of your loan, and are available in term lengths of 10, 15, 20, 25, 30, or 40 years. Longer loan repayment terms typically carry higher interest rates. Since your interest rate and principal payment will always stay the same, this program is ideal for clients who expect to stay in their home for an extended period of time or who want the security of a steady payment.
Adjustable-Rate Loans
Adjustable-rate mortgages (ARMs) have interest rates that are subject to change at some point during the loan term. Most adjustable-rate loans come in 30-year repayment terms. However, the loan's initial interest rate will change after a negotiated period of 1,3,5, 7, or 10 years. ARMs allow clients to receive a lower interest rate at the beginning of their loan term than what is currently offered through fixed-rate programs. This is a great loan alternative for clients who only plan to stay in their home for a few years - typically moving before the rate is scheduled to change - or if you are refinancing from a higher rate loan. Interest-only loans are available for our 3-,5-,7- and 10-year adjustable rate programs, which can lower your mortgage payments even further.
Balloon Loans
Balloon mortgages usually carry interest rates that are lower than fixed-rate mortgages. Clients who choose this mortgage program must pay the loan in its entirety or refinance within the balloon period, at which time the loan's entire outstanding balance will be due. Balloon mortgages have low monthly payments because they are calculated for a 30-year term. This is a good mortgage option for clients who plan to move within the balloon period or those who have good reason to believe they can refinance at a lower interest rate during that time.
Executive (Jumbo) Loans
First Preferred Mortgage Company is pleased to be a leading provider of executive loans, which are typically used for properties with values ranging from $417,001 to $1 million. Since First Preferred is a direct lender, we can offer flexible programs and options for executive mortgages. This includes fixed-rate and adjustable-rate options, and repayment terms of up to 40 years that can help make monthly payments more reasonable.
Investment Property Loans
First Preferred offers financing for 1- to 4-unit investment properties. Clients can finance multiple investment properties through our loan program, and investment property mortgages are available as fixed-rate or adjustable-rate loans. Mortgages for investment properties with more than 4 units are available through commercial lenders.
Interest-Only Loans
Mortgage options that allow clients to pay only for the interest on their property are available through First Preferred. This option includes monthly payments that often are hundreds of dollars cheaper than a traditional mortgage, since interest payments are scheduled up front and principal payments are deferred for a later date. As a result, interest-only programs can help you maximize the amount of home you can finance without having a large mortgage payment. It is an ideal option for clients who work on commissions or are self-employed.
Interest-only mortgages are available as fixed-rate and adjustable-rate loans. We also offer interest-only financing on some of our investment property and construction loan programs. Due to current market conditions, we have limited this program.
VA Loans
The U.S. Department of Veterans Affairs (VA) guarantees home loans for qualified clients who served, or are still serving, in the military. VA loans also can be available for spouses of personnel who are missing in action or died as a result of active duty. This program allows you to buy a home without a down payment and without buying private mortgage insurance (PMI). Clients don't have to be first-time homebuyers to qualify for VA loans, and the program benefits can be used more than once. Talk with one of First Preferred's mortgage professionals to learn whether you quality for VA financing.
FHA Loans
Homeowners who financed their properties through an FHA loan may qualify to refinance their mortgage through the FHA's Streamline program. If you have made timely payments on your FHA loan and hope to lower your monthly mortgage payment, the Streamline program may be right for you. Call First Preferred to speak with a mortgage professional about whether you qualify for FHA Streamline.
USDA Rural Development Loan
The U.S. Department of Agriculture (USDA) provides a loan guaranty program for clients looking to buy homes in rural communities. Clients who wish to use this loan program must fit federal income eligibility guidelines. Talk with one of First Preferred's lending experts to find out whether a USDA mortgage is right for you.
