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USDA Refinance to Pay Off Home Faster
Looking to pay your home off faster? A USDA refinance to to pay your home off faster offers homeowners with exceptional low interest rates, and minimal upfront funding fees.
If you do not meet the requirements of a FHA mortgage loan then you can explore other refinance loan programs to pay off your home faster.
EquiFund's automation generates mortgage loans that are 1% lower than most all lenders and banks, guaranteed.
USDA loans are underwritten and approved in accordance with United State Department of Agriculture Rural Housing program guidelines.
Benefits of refinancing with a USDA Loan:
- Refinancing existing USDA Loans: No appraisals, or income verification
- Credit scores down to 600
- Low interest rates
- Borrow up to 100% of home's value.
- Ability to Streamline Refinance later
When to refinance to lower mortgage payments?
- If your current interest rate is 1.5% higher than today’s rates
- If you have an adjustable-rate loan and suspect rates will go higher.
- If you have had your mortgage loan for 7 years or longer
- If you can afford to pay a higher monthly mortgage payment
How do I determine if it is beneficial to refinance?
The ultimate goal in deciding if and when you should refinance to pay off your home faster should be determined by the amount of savings compared to the closing cost.
Our online mortgage calculator will compute your loan savings or loss to determine if you should proceed.
USDA Mortgage Loans Refinance Requirements:
Available Loan Terms: 30, 25, 20, 15 and 10 year fixed and adjustable rate loan options
- Primary Residence only
- Single, Condo, Manufactured, Multi-family
- Borrow up to 100% of homes value
- Lower Rate & Better Terms
- 600 Minimum Credit Score
- Debt-to-Income ratio less than 45%
- No Bankruptcy 7 in last 3 years
- No Foreclosure in last 3 years
**If your property is not located in a USDA rural area, then consider the advantages of an FHA Refinance to pay off your home faster.
5 Steps to pay off your home faster online:
EquiFund Mortgage offers an online mortgage marketplace where you can identify and select the lowest interest rate mortgage loan from today's best lenders.
This mortgage app will compare your current loan to a new proposed loan to calculate your new interest rate, monthly payment and closing cost.
The mortgage app will verify your net tangible benefit and determine if refinancing is warranted.
1. Apply: Online Mortgage App
In less than 3 minutes you will be pre-qualified online. Our mortgage app will determine your eligibility and identify the lowest interest rate mortgage that pays your home off faster.
Provide basic information:
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Current loan information, payment, interest rate, loan balance
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Credit score and credit history
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Monthly debts other lines of credit
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Annual Gross Income
2. Review Loan Options:
After you have entered your basic information from step 1, the mortgage app will verify eligibility for loan programs, and display the loan offers for your review.
As your motive is to pay off your home fast, the mortgage app will display loan option results that calculates the total savings in interest from your old loan to the new proposed loan for your review and acceptance.
Reviewing Loan Options:
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Identify the highest monthly payment savings from list of loans
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Consider the annual percentage rate, as the true determinant of lowest cost loan
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Expand the DETAILS button on each loan result for payment savings details
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Select your preferred loan offer.
3. Upload your Income Documents
Once you have verified your loan savings by selecting a new mortgage with a shorter loan term, you should upload your income documents.
When we receive your income documents, we will begin the formal process of originating and underwriting your mortgage loan request.
Income Documents to upload inside our app:
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1 Month most recent pay-stubs
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Last 2 years IRS Tax Returns or W2's
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Drivers license and social security card
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Copy of current monthly mortgage statements
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Copy of homeowners insurance declaration page
4. Talk with us:
Once you have uploaded your documents, it will be helpful to have a conversation with one our licensed loan originators. They will become your primary point of contact. The assigned Loan Originator will review all of your documents, the loan option selected and answer any questions you have.
Working with our Loan Originators:
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Discuss any questions you have
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Communication is essential to deliver your request efficiently
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Watch for emails, and text messages
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We want to get to know you
5. Underwriting and closing:
Once you have uploaded your income documents and spoken with a Loan Originator, your file will be moved to underwriting. Depending on your current loan-to-value, the requirement to have your home appraised may be waived.
Be responsive and available for any additional documents needed by the underwriters. The Loan Originator will stay in communication to honor your loan request, and move your loan file to closing as fast as possible. We normally close mortgage loan request in less than 30 days.
Underwriting and closing requirements:
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You may have to furnish additional items
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Stay in contact with your Loan Originator
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Review your Final Closing Disclosure to verify terms, closing costs.
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Schedule your closing
USDA Loan Limit
The United States Department of Agricultural does not set a maximum loan limit. However, under USDA guidelines, applicants are only eligible for this program when their income does not exceed the average annual income for the county as determined by USDA. .
To check income limits in your area, please give us a call and one of our licensed loan officers will be more than happy to assist and answer any questions you may have.