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Refinance Options
Rate & Term Refinance
Looking to lower your monthly payment or pay off your loan faster?
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Reduce your interest rate
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Change your loan term (30 → 15 years, etc.)
Cash-Out Refinance
Tap into your home’s equity for large expenses — renovations, debt consolidation, or life milestones.
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Replace your current mortgage
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Receive a lump sum of cash
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Still potentially lower your rate
What Is a Home Equity Line of Credit (HELOC)?
Homeowners have access to a unique financial instrument that can help them pay for major expenses, both unforeseen and planned. To obtain funds with minimal financial stress, you might consider taking out a home equity line of credit (HELOC).
A home equity line of credit can effectively pay for emergency expenses like medical bills, vehicle maintenance, or urgent home repairs. You can also use a HELOC to fund long-term goals, like funding your kids’ education, making home improvements, or taking your dream vacation.
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What is down payment assistance?Down payment assistance (DPA) is a homebuying program that gives cash grants and secondary loans to eligible buyers. The vast majority of down payment assistance is offered to first-time homebuyers. Many cities and counties have other housing programs available, but down payment assistance is typically reserved for those who have not owned a home in the last three years.
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How can I get down payment assistance?There is no universal application. Most programs are administered through participating lenders like MMP. Your MMP loan broker will know and understand the ins and outs of the different programs and help you complete the necessary applications.
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Are down payment assistance programs worth it?Here are some key things to consider. Pros Buy a home faster instead of savings for years Save money upfront Afford more house Get more favorable loan terms Cons May cost you more in the long run if it’s an interest-bearing loan Not everyone qualifies For certain types of assistance to be fully forgiven, there are requirements to be met
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Can you use multiple down payment assistance programs?In many cases, yes, you can use multiple sources of down payment assistance, provided you qualify. Check with your lender to ensure you’re obtaining a mortgage through a program that allows for more than one source of assistance.
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How much does down payment assistance cover?This depends on the program. Terms and funding amounts are determined primarily by the entity offering the DPA — find out what’s offered in your area, and what you need to do to apply, by contacting your loan officer.
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Do I qualify for down payment assistance?Not everyone qualifies for down payment assistance programs. If you owned a home in the last three years, your income is too high, or you plan to rent out the property or use it as an investment, you might not qualify for many programs.
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How long does it take to get down payment assistance?The time it takes varies. It’s best to start your research as early in the homebuying process as possible to give yourself as much runway as you can. Your loan officer will work directly with the assistance program to secure the necessary funds.
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Can you get down payment assistance with a conventional loan?Yes. You can apply for down payment assistance with certain conventional mortgages.
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Does down payment assistance cover closing costs?Down payment assistance can help with closing costs, which are the fees and charges you pay when you finalize your mortgage.
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