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Shore Mortgage

Mortgage Program Options

We pride ourselves in offering a wide array of mortgage programs, including many that are exclusive to us.  Below you'll find loans that will allow you to purchase a home, eliminate Private Mortgage Insurance (PMI), cut-out closing costs, waive escrows or even refinance without an appraisal!


Mortgage Options   
What does this mortgage refinance option do?
PMI?

 Conventional Refiance Loans
      Conventional Loans

 The conventional loan is the most traditional loan out there. It’s generally for those with above average credit and those who have a good amount of equity, so they can avoid paying mortgage insurance (PMI) when refinancing. Conventional loans can come with fixed payments, anywhere from 10 to 30 years. Learn more about Conventional Loans here.
 

HARP Refinance

 The HARP loan – also known as the Home Affordable Refinance Program -  is a Government program specifically to help homeowners refinance, even if they’re underwater.  If you're not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance using HARP. You qualify for HARP if you have a Fannie Mae or Freddie Mac loan originated before May 31, 2009. Learn more about HARP Loans here.
Only if current loan has PMI


The Shore Mortgage Flex Term is a loan customized to fit your budget by allowing you to pick your term, helping you pay your loan off faster, and saving you thousands in interest! You can refinance without resetting your term, keep roughly the same payment while lowering your rate and term, have a goal to pay your mortgage off by a life milestone and more!  Learn more about the Flex Term here.
 

 
 If you're planning on living in your home for less than 7 years, an Adjustable Rate Mortgage (ARM) is the perfect option for you! Enjoy some of the lowest rates we offer, with the comfort of knowing the rate is fixed for the first 5 or 7 years, and then adjusts annually. Learn more about ARM options here.
PMI Eliminator Refinance Loan

PMI Eliminator Refinance Loan

 The PMI Eliminator does exactly what it says: it eliminates your private mortgage insurance (PMI) and allows for extra monthly savings by financing it in a lump sum or by refinancing into a low rate or monthly payment. Learn more about the PMI Eliminator program.

 

 The Jumbo loan is specifically for those with above average credit. Typically those with a Jumbo loan have a relatively large down payment to avoid paying mortgage insurance (PMI) when buying a bigger home - up to $2.5 million. Learn more about Jumbo Loans. NO
 

 The VA Streamline program is government-sponsored program specifically for veterans and active-service members. It allows you to refinance your existing VA loan with all the benefits of your current VA loan, such as 100% financing, and no monthly mortgage insurance, and you may also be able to streamline into a lower monthly payment. Learn more about the VA Streamline refinance.



The FHA Streamline is a government-sponsored mortgage program to refinance your existing FHA loan – without an appraisal! You also have the option to refinance into an FHA loan even if you may not have qualified before. Learn more about the FHA Streamline refinance.
Yes


Mortgage Options     
What does this purchase mortgage program do?
PMI?

 
 An FHA Loan -  or Federal Housing Administration Loan - is a government-sponsored home buying mortgage program geared toward first-time home buyers because it has easier credit score requirements and a smaller down payment than most loans - as low as 3.5 percent down. Learn more about FHA Loans.
Yes

 
 If you are buying a home in this competitive market, a pre-approval just isn't enough. Buyers need to stand out - and that's where Shore Before comes in. Our underwriting staff will review your loan, before you make an offer, giving you more buying power! Learn more about Shore Before approvals.


 
 The Home Buyer Plus program is exclusively available at Shore Mortgage. It allows you to purchase your home with as little as 10% down. Home owners get to waive their escrow payments and best yet, you don’t have to pay monthly mortgage insurance (PMI)! Learn More about the Home Buyer Plus program.


 
 The VA Loan is a government-sponsored program specifically for veterans and active-service members. It provides 100% financing and doesn’t require monthly mortgage insurance for your home purchase. It’s just one way of saying thank you to those who served. Learn more about VA Loans here.


 
Jumbo Purchase Loan

 The Jumbo Loan is specifically for those with above average credit. Typically people with a Jumbo Loan have a relatively large down payment to avoid paying mortgage insurance when buying a bigger home - up to $2.5 million. Learn more about Jumbo Loans.
NO

 
ARM Purchase Loan

 If you're planning on buying a home and living there for less than 7 years, an Adjustable Rate Mortgage (ARM) is the perfect option for you! Enjoy some of the lowest rates we offer, with the comfort of knowing the rate is fixed for the first 5 or 7 years of your ARM. Learn more about ARM mortgages.


 
 The Conventional Loan is the most traditional loan out there. It’s generally for those with above average credit and those who have a decent down payment, so they can avoid paying mortgage insurance (PMI) when buying a home. Conventional loans can come with fixed payments, anywhere from 10-to-30 years. Learn more about conventional purchase loans.



The PMI Eliminator does exactly what it says: it eliminates your private mortgage insurance (PMI) and allows for extra monthly savings by financing it in a lump sum – you can even negotiate to have the seller pay it. Learn more about the PMI Eliminator Loan.