Fairway Funding Group

Mortgagere financing companies charge a refinance cost that depends on the lender and location of the property. An average cost of refinancing will be greatly impacted by the amount you borrow. A home loan may include several components of a closing cost. These components include prepaid taxes, interests’ rates, discount points and service charges. Each closing cost will either fall into the category of lender fees, or third-part-fees or prepaid funds. A typical closing cost on a refinance may depend on various factors. One of these factors that play an important role in the increase ad decrease of closing costs is mortgage discount points. This is because it offers a borrower control. A closing cost will vary from one lender to another. However, if you want to lower it down then you should shop around and ask for discounts and loyalty from your existing lender. This will lower down the amount you will have to pay to refinance into a lower interest rate. Refinanc

A mortgage that is not backed by any Government agency is known as conventional loan. It is preferred by many borrowers as it provide higher loan limits than any governmental agency would provide. People opt for such a loan as it is available for second home and investment properties as well, whereas a government agency only provides loan for private residences. There are certain conventional loan requirements that should be met. These include:  The minimum credit score should be between 600-620.  A primary residence, a second home, vacation property and a rental property can be financed by a   conventional loan. The property type could include; single family homes, duplexes, 2 to 4-unit properties,   condominiums and townhouses.  The borrower should have sufficient funds to cover down payments and closing costs. If you have a minimum credit score of 600 and want to avoid PMI than a conventional loan would suit you best. For people who have low debt to income ratios