LINTHICUM, MD, April 19, 2024 – NFM Lending and Main Street Home Loans (a division of NFM Lending) are proud to announce that the Maryland Mortgage Program (MMP) has recognized them as Gold Tier lenders. This prestigious acknowledgment underscores their commitment to providing exceptional mortgage solutions to Maryland homebuyers.
The Maryland Mortgage Program is renowned for its 30-year fixed-rate home loan solutions tailored for eligible homebuyers purchasing in Maryland. MMP stands out due to its competitive loan terms and unique portfolio of financial incentives, including down payment and closing cost assistance, which significantly benefit many new homebuyers.
NFM Lending and Main Street Home Loans received this honor, demonstrating a deep understanding and exceptional ability to administer MMP loans. This recognition as a Gold Tier Lender place them at the forefront of over 100 approved mortgage lenders capable of expertly guiding homebuyers through the home purchasing process with customized loan packaging solutions.
Bob Tyson, President and COO of NFM Lending, expressed his enthusiasm about the recognition, stating, “We are thrilled to be acknowledged by the Maryland Mortgage Program as a Gold Tier Lender. This accolade is a testament to our dedicated team’s hard work and our commitment to providing valuable financing options to Maryland residents. Our goal is to continue making home ownership accessible and affordable, and our status as a Gold Tier Lender enhances our ability to do so.”
Nick Mautino, Sales Manager from NFM Lending and Kyndle Quinones, Branch Manager from Main Street Home Loans accepted the honor.
About NFM Lending
NFM Lending is a national mortgage lending company currently licensed in 49 states in the U.S. and Washington, D.C. The company was founded in Baltimore, Maryland in 1998. NFM Lending and its family of companies includes Main Street Home Loans, BluPrint Home Loans, Elevate Home Loans, and Element Home Loans. They attribute their success in the mortgage industry to their steadfast commitment to customers and the community. For more information about NFM Lending, visit www.nfmlending.com, like our Facebook page, or follow us on Instagram.
LINTHICUM, MD, January 2, 2024 – NFM Lending is honored to have been named a Top Workplace by Scotsman Guide for 2024. This is Scotsman Guide’s inaugural year hosting the award and the first time NFM has won it. According to Scotsman Guide, a Top Workplace is a company that has exceptional achievements in operations, benefits, corporate culture, philanthropy, and DEI commitment. Although the Top Workplaces feature is not a ranking like Scotsman Guide’s other awards, NFM Lending was included in the Editor’s Picks category along with 15 other companies.
“We are immensely honored to be named a ‘Top Workplaces 2024’ by Scotsman Guide, a testament to our unwavering commitment to fostering a workplace culture that values excellence, collaboration, and innovation,” said Gene DiPaula, Vice President of Communication at NFM. “This recognition reflects every team member’s dedication and hard work, and we are proud to be acknowledged by the leading resource for mortgage loan originators. As we continue to prioritize a thriving work environment, this accolade inspires us to reach even greater heights in delivering outstanding service to our customers and cultivating a workplace where success is celebrated together.”
NFM Lending is consistently hailed for its remarkable company culture. These awards include Top Workplace USA by Top Workplaces and Energage, Top Mortgage Employer by National Mortgage Professional Magazine, Top Workplace by the Washington Post, and ‘Best Mortgage Companies to Work For’ by National Mortgage News.
The company and its loan originators have received numerous accolades from Scotsman Guide over the years for excellence in lending and record sales numbers. NFM has made the Top Mortgage Lenders list for five years and is among the top 30 lenders nationwide.
NFM Lending is proud of this new recognition and is thankful to everyone in the NFM Family of Lenders for their contributions.
About NFM Lending
NFM Lending is a national mortgage lending company currently licensed in 49 states in the U.S. and Washington, D.C. The company was founded in Baltimore, Maryland in 1998. NFM Lending and its family of companies includes Main Street Home Loans, BluPrint Home Loans, Elevate Home Loans, and Element Home Loans. They attribute their success in the mortgage industry to their steadfast commitment to customers and the community. For more information about NFM Lending, visit www.nfmlending.com, like our Facebook page, or follow us on Instagram.
If you’ve been eyeing interest rates and waiting for an opportunity to refinance, your time has come! Refinancing is an excellent way to make your home work for you, and we’re answering the top five questions people have about refinancing.
Refinancing is when your original loan is replaced with a new loan with different terms. It can be a smart move if you plan to stay in your home for a while; use a refinance mortgage calculator and speak with a lender to know your breakeven point. Many people refinance to lower their monthly payment, but it can also be used to access home equity, remove someone from the mortgage, get rid of private mortgage insurance (PMI), or change your loan type. Work with a loan originator to find out what refinance option is right for your needs.
Much like purchase loans, there’s no one-size-fits-all refinance. There are several types of refinances that can help you achieve your financial goals:
Rate and term refinance: This is the most common type of refinance because it allows you to lower your monthly payment or shorten the loan’s term. When interest rates drop, it’s a great time to take advantage of a rate and term refi, especially if you bought your home at a higher rate. You can also use this type of refinance to change your loan type (like going from an adjustable-rate to a fixed-rate mortgage) or remove PMI. Be aware that lowering your payment can lead to a longer term and more payments for the life of the loan, while choosing to shorten the repayment period can lead to a higher monthly payment.
Cash-out refi: A cash-out refinance leverages your existing home equity by replacing your first loan with a higher mortgage and giving you the difference in cash. There’s no limit to how you can use your newfound funds—they can be used to pay off debt, make home repairs, take a vacation, or to pay for tuition. Since a cash-out refinance is riskier, the rates can be slightly higher than other refinance types. Cash-out refinances are also available for VA and FHA loans. You’ve put so much love and labor into your home, and a cash-out refi lets you reap those rewards!
Streamline or Interest Rate Reduction Refinance (IRRRL): A streamline refinance could be a good option for you if you have a FHA, USDA, or VA loan. Streamlined refinances and IRRRLs reduce how many items (such as an appraisal or credit check) are needed for eligibility, shortening the process.
Renovation Loans: The Fannie Mae Homestyle Renovation Loan, FHA 203(k), and VA Renovation are specifically for people who want to make home repairs or upgrades. One benefit of these options is that the renovation costs are rolled into the new loan amount, so there’s only one closing and one interest rate. Instead of using your home’s current value for the loan amount, your lender will use the detailed project proposal submitted by your contractor to determine your home’s “as-completed” appraised value.
Additionally, some lenders offer incentives that allow you to refinance with little-to-no fees when rates drop, making refinancing even more attractive.
Depending on the refinance program you choose, there may be a minimum requirement for the number of payments made or length of homeownership, though this is more often the case for loans backed by the federal government. Some conventional loans don’t have a wait time, but cash-out refis usually have a six-month waiting period. Wait times vary depending on your lender, your current mortgage, and your refinance plan. Your current equity is also a major determining factor. For example, 20% in home equity is required for most cash-out transactions. There’s also no limit to how many times you can refinance the same property if you meet eligibility requirements.
Even though you already own your home, you may be surprised to know there can be closing costs when refinancing. Closing costs can be 2-5% of the loan amount, though this can vary. Much like the closing costs associated with buying a home, the fees for a refinance may include an origination fee, recording fee, appraisal fee, and more. Note that some refinances require an additional fee in addition to closing costs: the FHA Streamline refinances come with a mortgage insurance premium (MIP) and an upfront mortgage insurance premium (UFMIP); VA Streamline refinances mandate a funding fee of 0.5% for most cases.
On average, it takes 30 days to refinance a home. The process is similar to buying a home in it involves submitting an application, providing any needed documents, going through a home appraisal in (some instances), getting underwriting approval, and attending closing. Sending correct information to your lending team on time will go a long way in speeding up the process.
No matter your reason for refinancing, it’s important to understand your goals and what’s involved with the process. Working with an experienced lending team will ensure your refi goes smoothly.
If you have any questions about refinancing, contact one of our licensed Mortgage Loan Originators. If you are ready to begin the home buying process, click here to get started!
For informational purposes only. Refinancing an existing loan may result in the total finance charges being higher over the life of the loan. Veterans Affairs loans require a funding fee, which is based on various loan characteristics. LTVs can be as high as 96.5% for FHA loans. FHA minimum FICO score required. Fixed-rate loans only. W2 transcript option not permitted. Minimum required credit score of 620 for conventional loans.