Recast

A recast differs from a refinance.

The purpose of a recast is to lower your monthly payment without having to take out a new loan.  With a recast, you will pay down your principal balance and request the lender recalculate the lower mortgage payment based on the lower balance.

In order to engage in a recast, you will need to contact your lender in advance to discuss the process and requirements.  While many lenders allow recasting, not all do.  Expect to pay a fee of perhaps ~$150-$500.  There will be a minimum principal balance reduction requirement, and this might…

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Refinance

Let’s get started!  You may begin in one of two ways:

  1.  Phone call or in person meeting.  E-mail me at ajaffe@firsthome.com or call 240-479-7658 to set this up.
  2. Or, you may begin with the online form and we can connect afterwards.  Start here: Refinance

Learn more about how working with me is different from other loan officers: My Team

A refinance is the act of opening up a new mortgage which pays off you old mortgage. There are three reasons to refinance:

1. You want a lower rate. If rates have come down since when you purchased or…

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Buy

My role as your loan officer is to help guide you in deciding how to best finance your home purchase.  There are several loan programs to choose from, and the best choice for you is based on analysis of your income, debts, assets, credit, and your goals and long term plans.

Let’s get started!  You may begin in one of two ways:

  1.  Phone call or in person meeting.  E-mail me at ajaffe@firsthome.com or call 240-479-7658 to set this up.
  2. Or, you may begin with the online form and we can connect afterwards.  Start here:…
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Loans

 

Conventional Loans – Best paired with higher credit and/or higher down payment…providing the best terms for most applicants

FHA Loans – Best paired with lower credit and/or lower down payments…providing superior loan terms in the above instances

Jumbo Loans – For loan amounts over $636,150, jumbo loans require slightly higher down payments

Down Payment Assistance – For loan amounts under $636,150, there are various down payment assistance opportunities

Renovation Loans – To finance both the purchase and renovation of a property

VA Loans – For veterans, allowing a 0% down with the very best loan terms in most situations

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Down Payment Assistance Programs

There are down payment assistance and low down payment programs available both nationally and locally.  I have written below the descriptions of each program to aid in understanding what is available.  During your initial conversation, we will review your financial situation to see what is the best fit for you.

For most first time buyers, putting together the down payment is the hardest part of purchasing.  And so the government has eased this by offering down payment assistance programs with either grants or interest-free-loans.  The “catch” is that sometimes these loan programs come with higher interest rates than if you…

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Alex Jaffe Alex Jaffe