Refinancing Your Home

When you decide to refinance your home, you’re basically paying off an existing mortgage by taking out a new loan. By doing this, you may get a lower interest rate, reduce your loan payment term or get cash at closing by borrowing against the equity in your home. For more information, email a U.S. Bank Home Mortgage Specialist  or call us toll-free at 888-461-4944.

Streamline Refinance

Current U.S. Bank Home Mortgage customers could be eligible for a Streamline Refinance, the fastest and most convenient way to lower your mortgage payments. We offer three options:

• Conventional Streamline Refinance
• FHA Streamline Refinance
• VA Streamline Refinance

Conventional Streamline Refinance
Streamline refinancing provides faster loan processing time for quick closing. Cash-out is not allowed on this type of transaction. You may qualify if:

• You’re the original borrower(s) on the loan.
• Your current mortgage is a:
  • fixed rate, 1-2 unit family principal residence or single family second home.
  • balloon/reset mortgage that’s a one-unit primary residence or single family second home.
  • converted Adjustable Rate Mortgage with supporting documentation to verify it.
• The mortgage is at least 12 months old with zero past dues in the previous 12 months.
• Borrowers' incomes have not declined.
• The new monthly fixed installment is no more than 15% greater than the fixed installment at which you initially qualified for the mortgage that is being refinanced.

FHA Streamline Refinance
All original applicants from the mortgage being refinanced must be applicants on the new loan. The following are exceptions for streamline process eligibility when one or more of the original applicants has been deleted from title:

1. Removal from title by means of death or divorce; the remaining applicant(s) would be eligible for    streamline processing six months after the date of the final court decree or death certificate.     Borrower(s) will also be required to provide a six month history of canceled checks evidencing     prompt mortgage payments.
2. If the mortgage being refinanced was obtained via a "simple assumption," it’s streamline refinance eligible six months after the change in title. New owner-applicant(s) must provide a six-month history of canceled checks evidencing prompt mortgage payments. Applicants who acquired  the property via a "qualifying assumption" would be eligible immediately as they’ve been proven to    qualify for the mortgage they assumed.

• The mortgage must have a satisfactory 12-month payment history.
• It must refinance to a fixed rate mortgage.
• Your current mortgage term can be reduced (new Principal and Interest payment amount cannot exceed $50.00 more per month over the current Principal and Interest payment amount).
• Closing costs can be financed if you have enough equity to cover all the costs. A new appraisal is required when including closing costs.
• Non-owner occupied transactions must pay all the closing costs out of pocket. No appraisal is required.
• Cash-out is not allowed on this type of transaction.

VA (IRRR) Interest Rate Reduction Refinance

• Refinance a current VA loan at a lower interest rate.
• Veteran who was the initial borrower on the loan
• Veteran who assumed the existing mortgage and substituted his entitlement in the process.
• Surviving spouse of a veteran who was a co-obligator on the existing VA loan and who currently occupies the subject property.
• The mortgage has a satisfactory 12 month payment history.
• The new loan amount may include:
  • payoff of existing balance, including interest
  • closing and pre-paid costs
  • funding fee
  • reasonable discount points
• Cash-out is not allowed on this type of transaction.

Regular Refinance

You may be able to lower your interest rate, reduce the term of your loan and possibly include your closing costs in the new loan. Anyone is eligible to apply for our regular refinance programs to help meet their refinancing goals. We offer:

• Conventional refinances up to 97% loan to value (LTV)
• Government FHA refinances
• Government VA refinances

Cash-out Refinance

Cash-out Refinances allows borrowers to tap into their homes' equity to help meet any number of financial objectives, all at a competitive first mortgage rate.

• Conventional cash-out
• Government (VA) cash-out
• Discount points vary depending on loan-to-value, occupancy status and multiple units
• A new appraisal is required