Welcome to Primary Residential and your home for the lowest rate refinance in Gaithersburg, MD and all of Montgomery County. We will be your first and last choice for the lowest rate refinance for FHA, Conventional, and Jumbo Loans. We are Maryland FHA mortgage lenders who offer experience, knowledge, and above all, an easy and professional process.
We offer FHA refinance programs in all of Maryland, but specialize in Gaithersburg, Rockville, Potomac and all of Montgomery County. Mortgage lending has changed dramatically over the last two years, and you need to know the facts when choosing a mortgage lender. The lowest rates have helped us find our new clients, but our commitment to service and relationships have helped us become a Gaithersburg’s premier mortgage lender.
FHA Loans
These loans have grown in popularity over the last several years due to the current lending environment. An FHA mortgage loan allows current homeowners to refinance the existing balance of a mortgage up to 96.5% of the appraised value of the property. A cash out refinance under FHA is allowed up to 85% of the appraised value. A stagnate housing market has helped this program grow in popularity in Gaithersburg and all of Montgomery County, MD. Although FHA carries a mandatory PMI payment, it is usually less than the PMI for a conventional loan. For Maryland FHA loans, call Primary Residential Mortgage Inc. and we will guide you through every step of the process.
Conventional Refinance Loans
The “standard” or “traditional” conventional loan used to purchase or refinance a home. Conventional loans are still great options for homeowners with credit scores 660 and higher. These loans have become a bit more strict in the qualification process over the past few years unless you are borrowing less than 80% of the appraised value of the property. The higher the credit score, the lower the rate expected on most conventional loans.
VA Loans
These loans are for our military veterans only. This loan will allow 100% financing to purchase or refinance your existing home loan in Maryland. The VA loan are government insured programs and operate much like the FHA loan.
Fannie Mae Refi Plus Loans
This program allows Maryland homeowners who are upside down in their mortgage to use up to 105% of the appraised value of their property. This program does not require private mortgage insurance even if the loan balance is higher than 80% of the appraised value of the property. A requirement of the program is that you must have a current Fannie Mae owned loan to qualify. Many homeowners believe that their current service provider of their loan is the owner. This is not always the case. Call today to find out if you qualify for this program.
To find the best refinance program in Gaithersburg Maryland or any other part of Montgomery County, call us today. A refinance is a great way to use the current equity in your home, and with the lowest rates we have ever seen, you will be pleasantly surprised at the programs available to you.