The Refinance Process
- Last 2 years W-2’s and 1040’s including all schedules
- If self-employed: Last two years’ corporate tax returns and year-to-date profit & loss statement
- Past 30 days computerized pay stubs, to include year-to-date earnings
- 2 months current bank and asset account statements including all pages (no screen prints)
- Driver’s license or state ID card
- Purchase Agreement (if applicable)
- Copy of Cancelled Earnest Money Check
- Listing Agent: Name and Phone Number
- Selling Agent: Name and Phone Number
- Seller’s Attorney: Name and Phone Number
- Buyer’s Attorney: Name and Phone Number
- Condominium declarations, bylaws, and budgets
- Copy of gift check and signed gift letter
If you own additional real estate, please provide the following documentation for each property
- Copy of current mortgage statements
- Copy of tax bills
- Copy of leases
- Copy of homeowners insurance bills or Agent contact information
Interested in refinancing your mortgage? With interest rates at historically low levels and an abundance of products and programs designed to help you keep more money in your pocket now is a perfect time to refinance. At The Federal Savings Bank, we’ve helped borrowers save literally millions of dollars. Our job is to educate you about all of your options and then guide you to the best plan for your unique situation. Read more to learn about refinancing benefits (link to below here), or if you would prefer to speak with one of our professional Bankers simply call us at 877.788.3520. Whether you click or call, we will help you:
- Understand your refinance options
- Lower your current mortgage payment
- Adjust the term of your mortgage
- Consolidate your debt from loans or credit cards
- Get cash from your home
- Keep your payment from rising
- Remove private mortgage insurance (PMI)
- Get immediate answers to your refinance questions today
- Home Affordable Refinance Program (HARP)
Understand Your Refinance Options
FHA and VA Refinance Options
The Federal Savings Bank is the easiest and fastest way to refinance your FHA loan or VA loan.
FHA loans are ideal for first time home buyers and borrowers with less home equity and lower credit scores. And in June, 2012 The Federal Savings Bank will be introducing an enhanced affordable and streamlined process for refinancing your existing FHA loan (link to FHA Streamline). Call us today 877.788.3520 to speak with a Banker about your options.
VA loans represent one of the best veteran benefits. The Federals Savings Bank is veteran-owned – we are veterans who have a passion for servicing other veterans. Read more about us to see why military service is in our DNA (link to “about us”).
Popular Mortgage Refinance Options
You have many choices when refinancing your mortgage with The Federal Savings Bank! Although there are several options, we are experts at helping you understand the differences and matching you with a customized solution for your unique needs. Here are our most popular refinance home loans:
- FHA Refinance Mortgage
- 30-Year Fixed-Rate Refinance Mortgage
- VA Refinance Mortgage
- Home Affordable Refinance Program (HARP)
- Compare All Refinancing Options
Refinancing by State
Lower your current mortgage payment
The interest rate on your mortgage is tied directly to how much you pay on your mortgage each month--lower rates usually mean lower payments. You may be able to get a lower rate because of changes in the market conditions or because your credit score has improved. A lower interest rate also may allow you to build equity in your home more quickly.
For example, compare the monthly payments (for principal and interest) on a 30-year fixed-rate loan of $200,000 at 5.5% and 6.0%.
Monthly payment @ 6.0% - $1,199
Monthly payment @ 5.5% - $1,136
The difference each month is: $ 63
But over a year's time, the difference adds up: $ 756
Over 10 years, you will have saved: $7,560
A lower mortgage payment means more money for everything else in your life. With The Federal Savings Bank’s great refinance rates and programs, lowering your mortgage payment is easier than ever.
Check out our Refinance Calculator to see how a new rate and term could lower your monthly mortgage payment. Or find out if you can qualify for a refinance.
Every day, we help hundreds of Americans lower their monthly mortgage payment by refinancing. Still have questions? Call us at 877.788.3520 or your TFSB banker directly if you have already established a relationship with one. If you are ready to apply, then let’s go!
Adjust the term of your mortgage
Increase the term of your mortgage: You may want a mortgage with a longer term to reduce the amount that you pay each month.
Decrease the term of your mortgage: Shorter-term mortgages--for example, a 15-year mortgage instead of a 30-year mortgage--generally have lower interest rates. Plus, you pay off your loan sooner, further reducing your total interest costs.
For example, compare the total interest costs for a fixed-rate loan of $200,000 at 6% for 30 years with a fixed-rate loan at 5.5% for 15 years.
|Monthly payment||Total interest|
|30-year loan @ 6.0% - $1,199||$231,640|
|15-year loan @ 5.5% - $1,634||$94,120|
Consolidate your debt from other loans or credit cards
Consumer finance loans and high interest rate credit cards are just a couple of examples of how debt can pile up over months and years. Consolidating those debts in to a lower rate tax-deductible mortgage refinance is a smart way to gain control over your finances and put money in your pocket.
Take Control of Your Financial Situation
- Refinance to some of the lowest rates in decades, and get cash to pay off your higher-interest debt. Don’t wait. These low rates won’t last forever!
- Make one low monthly payment instead of several, and pay less overall every month. Unlike credit cards, the interest is usually tax-deductible*.
- Even with less-than-perfect credit, we can help. Paying off your higher-interest debts faster can even improve your credit rating. Find out if you qualify.
Get cash from your home
Home equity is the dollar-value difference between the balance you owe on your mortgage and the value of your property. When you refinance for an amount greater than what you owe on your home, you can receive the difference in a cash payment (this is called a cash-out refinancing). You might choose to do this, for example, if you need cash to make home improvements or pay for a child’s education.
- Use your home equity to your advantage, and take money out of your home and use it for anything you want. Find out if it makes sense to refinance with our refinance calculator.
- Make home improvements to increase the value of your home, pay for college tuition, pay off high-interest credit card debt, or buy a vacation home.
- If you are a veteran, cash out refinance programs are especially beneficial.
Keep your payment from rising
Lock in today's low rates to guarantee your payment will never rise.
If you have an adjustable-rate mortgage, or ARM, your monthly payments will change as the interest rate changes. With this kind of mortgage, your payments could increase or decrease.
You may find yourself uncomfortable with the prospect that your mortgage payments could go up. In this case, you may want to consider switching to a fixed-rate mortgage to give yourself some peace of mind by having a steady interest rate and monthly payment. You also might prefer a fixed-rate mortgage if you think interest rates will be increasing in the future.
Getting an ARM with better terms
- If you currently have an ARM, will the next interest rate adjustment increase your monthly payments substantially? You may choose to refinance to get another ARM with better terms. For example, the new loan may start out at a lower interest rate. Or the new loan may offer smaller interest rate adjustments or lower payment caps, which means that the interest rate cannot exceed a certain amount. Refinance into a home loan that works best for you.
- With low long-term interest rates, refinancing to a fixed-rate mortgage can be a smart financial move if you plan on staying in your home for the long term.
- Use our online tools to check out today’s low rates or see if you qualify for a refinance.
Remove Private Mortgage Insurance (PMI)
Interest rates are at historically low levels. If you’re still paying on a mortgage you took out years ago, and your credit is good, The Federal Savings Bank can help you determine if you can re-finance to a lower rate. If you can take out a single new loan for less than 80% of the value of your home, you won’t have to pay PMI.
And best of all, the FHA has introduced a streamlined refinance program (link here) that is designed to help eliminate the mortgage insurance premium (MIP) regardless of how much you now owe on your home.
Still have questions? Call us at 877.788.3520 or your TFSB banker directly if you have already established a relationship with one. If you are ready to apply, then let’s go!
Get Immediate Answers To Your Refinancing Questions Today!
We offer the Perfect Mortgage Experience! Our checklists and online tools allow you to get through refinancing with ease.
- There are never any hidden fees or other surprises.
- We offer VA loans, FHA loans & fixed-rate and ARM refinancing options – all with competitive mortgage rates. We’ll educate you about the entire lending process and confidently match the right program to your unique situation.
- And best of all, our refinance rates could put money back in your pocket!
- President Obama’s Home Affordable Refinance Program (HARP) has opened the doors of refinancing for millions of responsible homeowners who have paid their mortgage on time but are upside down on their property value. Find out if you qualify for a lower payment through the HARP program today. (link to HARP below). Ask us about these program today.
Home Affordable Refinance Program (HARP)
Are you making your mortgage payments on time but are still unable to refinance and take advantage of today's low mortgage rates?
Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. The changes are designed to allow even more homeowners an opportunity to refinance to a lower rate and shorter term even if they owe more than their home is worth. This program may be an affordable refinance option for homeowners who would not otherwise qualify for a traditional refinance.
Why refinance under HARP?
- Receive lower rates even if you have little equity in your home.
- Reduce monthly mortgage payments when you refinance to a lower rate.
- Save on interest over the life of your loan when you reduce your term.
- No mortgage insurance is required if none is in place on current mortgage.
- No property appraisal required in some situations.
- No income documentation required.
You may be eligible to refinance under HARP if:
- You are current on your mortgage payment, with no late payment in the past six months and no more than one late payment in the past 12 months.
- Your existing loan was originated on or before May 31, 2009.
- You have not already refinanced the same property under the HARP Program.
- Your existing loan is owned or guaranteed by Freddie Mac or Fannie Mae.
Is your loan backed by Freddie Mac or Fannie Mae?
If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:
Freddie Mac loan look up https://ww3.FreddieMac.com/corporate/
Fannie Mae loan look up http://www.FannieMae.com/loanlookup/
Call The Federal Savings Bank today at 877.788.3520 and we will guide you through your HARP eligibility options and put the Perfect Mortgage Experience to work for you today.
Start Your Home Loan Application Today!
Start Your Home Loan Application Today!
Annual Percentage Rate (APR) calculations assume single-family, detached, owner-occupied primary residence; a loan-to-value ratio of less than 75%; a minimum FICO score of 740; and a loan amount of $300,000 for conforming loans or $500,000 for jumbo loans, unless otherwise specified.Annual Percentage Rate (APR) calculations assume no subordinate financing and that the borrower will provide full income documentation. On ARM amortization, the Annual Percentage Rate (APR) calculation assumes an indexed rate (Margin + LIBOR/T-Bill Index) after the initial fixed period of the ARM.Rates may be higher for loan amounts under $300,000 and over $500,000. Please call for details.
Rates are subject to change without notice.Closing Costs assume that borrower will escrow monthly property tax and insurance payments.Subject to underwriter approval; not all applicants will be approved. Fees and charges apply.
Payments do not include taxes and insurance.On refinance transactions, the Annual Percentage Rate (APR) calculations assume a rate and term refinance.Rates based on Illinois property.Mortgage insurance is not included in the payment quoted. Mortgage insurance will be required for all FHA and VA loans as well as conventional loans where the loan to value is greater than 80%.
Restrictions may apply.