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:: Monthly Calculator :: Refinance Calculator :: Loan Comparison Calculator
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Envision Lending Group’s wide range of loan products and resources allow us to meet virtually every need and situation. Give us a call at 877.747.3450 to talk with one of our loan professionals. Any will be happy to help you get the right loan for your needs.
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Purchases
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Envision Lending Group has several programs to fit your needs. Your ability to purchase a new home is primarily driven by down payment, credit and monthly income. Your mortgage professional will help you select the best program to fit your personal situation. The most commonly used loan types are:
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FHA
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This program is primarily used by first-time homebuyers, although not required, and provides the most flexibility and options available. It allows the borrower to have higher debt and less down payment than other loan programs. It does have a maximum loan amount depending upon where you are purchasing. Down payment assistance programs and seller-paid closing costs can be used to allow a borrower to purchase a home with little or nothing out of pocket.
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VA
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This loan is reserved for use by veterans of military service. Active duty, retired, and reservists are eligible depending upon length of service and status of discharge. A Certificate of Eligibility is required, which your loan officer can help you obtain with a copy of your DD214. This loan can provide 100 percent financing for the purchase of a home and does not require any monthly mortgage insurance, a common requirement of other down payment loans.
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Conventional
(Conforming)
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This loan can accommodate all borrowers. It has a maximum loan limit of $417,000.00. Its traditional down payment is 5%, but options exist to accommodate a lower down payment if necessary. It usually requires mortgage insurance unless the borrower puts in a down payment of at least 20%, but split mortgages such as 80/20 and 80/15 can be done to eliminate the requirement for mortgage insurance.
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Jumbo
(Non-Conforming)
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This loan is to accommodate larger loan amounts. Any loan over $417,000.00 is considered a Jumbo loan and is subject to program variations and pricing adjustments due to the large nature of the loan. However, there are also advantages to Jumbo loans that benefit the large home purchaser.
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Construction
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This loan is an interim source of financing that is used while constructing a new home. Funds are made available on a "Draw" basis to pay for the construction as the home is being built. A long-term loan is pre-approved and available upon the completion of the home, and will pay off the construction loan once the home is finished. This loan can often be obtained in either the borrower's name or the contractor’s name. Also available are one time close construction programs in which the long-term financing and construction loans are closed at the same time.
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Zero Down
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Are you looking to buy a home with no money down? Envision Lending Group works with a number of grant programs that provide down payment assistance. Many of the grant programs have few, if any, qualifying conditions. Call one of our mortgage loan professionals for additional information.
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Refinance
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Envision Lending Group can help you take advantage of refinancing opportunities. Ask one of our loan professionals for more information about how you may benefit from refinancing. Below are a few reasons people choose to refinance:
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Debt Consolidation
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This type of refinance is done by using the equity in your home to consolidate your other personal debt into one monthly payment. It provides you with an improved monthly cash flow, better tax advantages, fewer payments, and with no pre-payment penalty the ability to pay the entire debt off faster. Several different loan programs can be used on this type of refinance; your loan officer can assist you in selecting the program that best fits your needs.
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Cash-Out
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This type of refinance is used when individuals wish to pullout equity from their home with no specific purpose. The equity or cash taken from the home can be used at the borrower's discretion whether it is for the purchase of another home, investment purposes or simply to purchase a new vehicle. Additional tax benefits can be used on the amount of money taken out. Loan to value limits may apply.
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Rate/Term
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This type of refinance is used when you are paying off your existing mortgage. Usually it is done to reduce the interest rate of your current loan, which reduces the monthly payments, or it can be used to reduce the term of the mortgage in an effort to pay off the existing mortgage faster. Rate/Term refinances are a wonderful way to improve your monthly payments or to help you own your home sooner. Your loan officer can show you if in fact it would be beneficial to your specific needs.
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FHA/VA Streamlines
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Envision Lending Group helps homeowners that currently have a FHA or VA mortgage convert their current interest rate to a lower fixed or adjustable rate without having to go through the complete re-qualifying process. There are no credit checks, employment and income verifications or appraisals required. The program is designed to benefit the client so the results of the refinance must lower the borrower’s monthly mortgage payment or lower the number of years left on the mortgage. No cash may be taken out on mortgages refinanced using the streamline refinance process. The mortgage to be refinanced should be current (not delinquent). You may have no more than two thirty-day lates in the last twelve months. The mortgage to be refinanced must already be FHA or VA insured.
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Home Equity &
2nd Mortgages
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Envision Lending Group provides the following programs to help homeowners take advantage of the equity in their home. Talk with one of our loan professionals if you’d like more information.
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HELOCs
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The Home Equity Line of Credit is an excellent way for you to take equity out of your current home without disturbing your present mortgage. HELOCs are a line of credit that utilizes the equity in your home on a “Want To" basis. The line can be opened for a specific amount, but you can use as little or as much of it as you would like, and your payment is calculated on the amount of money that you have used. The interest will usually be on a variable rate basis but will often be lower than the current fixed rate. This type of loan gives you a lot of flexibility in using the equity in home at your convenience. Loan-to-value limits may apply.
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2nd Mortgage
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Second (2nd) mortgage refers to any type of mortgage that is used to take advantage of the equity in your home without disturbing the present mortgage currently against your home. Below are the most common types of 2nd mortgage’s.
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Fixed Payment/Closed End
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This type of home equity loan also uses the equity in your home, but it is usually for a specific amount of money, borrowed at a specific rate (usually fixed) over a specific amount of time. This type of loan also allows you to take equity out of your home without disturbing your present mortgage but gives you the comfort of knowing what your monthly payment will be. Loan-to-value limits may apply.
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125% 2nd Mortgage
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The “125” loan allows you to borrow more than the value of your home, typically up to 125%. This type of loan is ideal for someone who wants to consolidate debt, do some home improvements, or purchase that new car. Our 125% loan can allow you to consolidate bills that typically carry high interest rates into one smaller payment at a lower interest rate. The new payments typically can be tax deductible.
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Alternative Lending
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Alternative lending loans are usually for borrowers with less than perfect credit. If you have experienced financial challenges and have gotten a little behind in making your payments to creditors, Envision Lending Group’s alternative loans may be able to help you get back on track. We will work to consolidate your debt and reduce your monthly payments. The sooner you call, the more we can help.
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