Our true No Cost Refinance allows the borrower to reduce their current interest rate on their Conventional Mortgage without paying Closing Costs. At the time of application, James B. Nutter & Company may collect for the cost of an appraisal and credit report, but then reimburse that money to you at the loan’s settlement. The potential savings for you is enormous. This program is a perfect fit for those wanting to lower their fixed rate, move from an adjustable rate to a fixed rate, or obtain cash-out.
We have a variety of terms for fixed rates on Conforming Mortgage Loans. These loans are popular among most homeowners because their payments remain the same for the duration of the loan term (excluding tax and insurance costs). Since the rates do not change, this predictable amount allows for easier budgeting every month until the loan is paid off. Those selecting shorter terms will pay less in interest, while longer terms allow for a smaller payment every month.
30 year Fixed Loan - Conforming
15 year Fixed Loan - Conforming
10 year Fixed Loan - Conforming
James B. Nutter & Company also offers Adjustable Rate Mortgages (ARM). These allow borrowers to get more money at a lower interest rate than a fixed rate loan for the initial term. This is particularly attractive to those who want a lower payment now but are expecting to:
move prior to the term when the rate is adjusted
expect their salary to increase in the future
looking to qualify for a larger loan than they could get with a fixed rate Conforming Mortgage
intend to refinance after the initial term
Adjustable Rate Mortgages initially offer a lower payment than fixed rate mortgages, but have the possibility of adjusting higher in the future if interest rates rise. These are often referred to as LIBOR Adjustable Rate Mortgages. LIBOR (London InterBank Offered Rate), which is a group of large banks in London that base the interest rate offered for U.S. dollar deposits. A LIBOR Mortgage is an Adjustable Rate Mortgage that can offer very aggressive interest rates tied to LIBOR indices. The rate is fixed for an initial period, then adjusted using the LIBOR index + margin and factors any adjustable cap.
LIBOR ARM are available for home purchases. James B. Nutter & Company offers 3/1, 5/1 and 7/1 options. The 3/1 allows for a fixed rate for 3 years, the 5/1 is fixed for 5 years, while the 7/1 has a fixed rate for 7 years.