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Mortgage Rates change on a daily basis and can vary depending on your unique situation. Use the TJC Mortgage, Inc. quick quote form to instantly receive FREE and accurate rate quotes from our nationwide network of trusted lenders.
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A VA-guaranteed loan is made by private lenders such as banks, saving and loans or mortgage companies to eligible veterans. The U.S. Department of Veteran’s Affairs established the VA loan program to assist veterans and their survivor spouses with affordable long-term mortgage loans. The guarantee by the VA means the lender is protected against loss and allows more favorable terms for the borrowers. TJC Mortgage, Inc. is owned and operated by Veterans and they understand the needs of our veterans and want to assist them in realizing the dream of home ownership.
Reverse Mortgage Loan
A reverse mortgage is a loan for senior homeowners that uses the home’s equity as collateral. The loan generally does not have to be repaid until the last surviving borrower permanently moves out of the property or passes away. At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to pay off the balance. Any remaining equity is inherited by the estate. The estate is not personally liable if the home sells for less than the balance of the reverse mortgage. To be eligible for a HECM reverse mortgage, the Federal Housing Administration (FHA) requires that all homeowners be at least age 62 and the home must be owned free and clear of all existing liens. You must also have the financial resources to pay ongoing property taxes and insurance – and you must live in the home. You are also required to receive consumer counseling from an independent counselor from a HUD approved agency prior to obtaining the loan. If you meet these requirements and would like more information, TJC Mortgage, Inc. can assist you with the entire process.
A conventional mortgage loan is not guaranteed by any government agency. Conventional mortgages adhere to guidelines set by Fannie Mae and Freddie Mac that buy and sell mortgages as well as sets the maximum loan amount and requirements for borrowers. A conventional mortgage generally has stricter guidelines for borrowers and higher down payment amounts.
Jumbo Mortgage Loans
A jumbo mortgage loan is a single loan over the conforming limit currently set by regulation which is $417,000 for most of the housing markets in the United States. Jumbo loans can be fixed rate or variable and can be offered in a variety of terms. Generally, there are more risks associated with a jumbo mortgage loan and this results in higher costs for the borrower. The jumbo loan may have a higher interest rate, larger down payment requirements and stricter underwriting requirements.
No PMI Loans
Private Mortgage Insurance is an added expense to your monthly mortgage payment. For many borrowers this can be a major roadblock in purchasing a home. Lenders often require the insurance when the down payment isn’t 20% of the mortgage loan. TJC Mortgage, Inc. can educate you in regard to the PMI requirements and can assist with eliminating this extra expense.
FHA loans are insured by the Federal Housing Administration which is part of the Department of Housing and Urban Development. The FHA was established in 1934 to help lower income borrowers that normally wouldn’t qualify for mortgages. FHA loans are government backed which makes it possible for lenders to offer borrowers more flexible terms than conventional mortgages. FHA loans typically have relatively lower closing costs and lower down payment requirements.
A new mortgage to replace your original mortgage is called a refinance loan. A refinance loan is a way to change the terms of your existing loan. The first loan is paid off and a second loan is created, allowing you to convert from a variable rate loan to a fixed rate or to change the terms including length of the mortgage and the rate. It may also be possible to take cash out for remodeling projects, debt consolidation or to cover college expenses. Most borrowers refinance when the have equity in their home which is the difference in the amount owed on the loan and the appraised value of your home.
Disclosure: Even though a lower interest rate can have a profound effect on monthly payments and potentially save you thousands of dollars per year, the results of such refinancing may result in higher total finance charges over the life of the loan.
An Interest Rate Reduction Refinance Loan can only be made to refinance a property on which you have already used your VA loan eligibility. This refinance option can lower your interest rate or allow you to convert to a fixed rate loan from a variable rate loan. The IRRRL is a simplified process which allows for no appraisal and may be done with no out of pocket money. Another option for VA refinancing is the cash out refinance which is becoming more popular as the housing market improves across the nation. The cash out option is available to eligible borrowers that have equity in their homes. This option allows the borrowers to pay off debt, pay for college tuition or remodel their home. Disclosure: Even though a lower interest rate can have a profound effect on mostly payments and potentially save you thousands of dollars per year, the results of such refinancing may result in higher total finance charges over the life of the loan.
FHA Refinance options include a cash out refinance or a streamline refinance. The FHA streamline refinance is one of the simplest refinance program available. The FHA streamline refinance requires no home appraisal, no credit score check, and no income verification. The FHA cash out option is growing in popularity thanks to the improving housing market. If your home is worth more than your purchase price a cash out refinance allows you to take some or all of the equity out of your home. The cash you receive from a cash out refinance can be used for many purposes such as college tuition, medical expenses, home improvements or debt consolidation. Disclosure: Even though a lower interest rate can have a profound effect on monthly payments and potentially save you thousands of dollars per year, the results of such refinancing may result in higher total finance charges over the life of the loan.
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What Our Clients Have to Say
Darin and his staff are top notch! I just completed my second refi with Darin. A very honest and professional team that has the customers best interests as their primary goal. I wouldn’t consider anyone else for my mortgage needs!
Very knowledgeable and prompt with email responses. Easy to work with and I felt like he kept our best interests as a top priority. We worked with Darin from pre-qualifying all the way to closing…and he was always available to answer questions throughout this process.
I would HIGHLY recommending Darin Hunter of TJC Mortgage, Inc. to friends and family alike looking to refinance or purchase. Darin was helpful and easy to work with. Options and terms until I was content with my final approach. Communication was prompt and clear. He worked around my schedule (email, cell, text) and moved at a pace that I was comfortable with. Definitely a positive experience throughout. It’s funny, you have a car guy, a restaurant, a plumber, an electrician, you know, “my guy”. Well it nice to share we now have a “Mortgage Guy”, Darin Hunter of TJC Mortgage, Inc.
Darin and Ken were wonderful to work with!! They have worked with me for almost 2 years through all the ups and downs and got us approved and in our new house. I would refer anyone to them as they are polite, courteous, friends and VERY responsive and every email, text and call I have had over the last few years! Next time I purchase a house I will be calling them again!
I was with another broker and called this group. It needed to happen in a short period of time and they jumped through hoops, got the interest rate I desired and were great from the beginning to the end. I will be recommending them to everyone! First class!!
Darin Hunter and his team at 1st Financial Mortgage Partners recently provided outstanding support getting my daughter and son-in-law, into their first home.
They had placed a contract on the property in mid-November. The loan officer recommended by their realtor was slow to respond to inquiries, and when we analyzed the Good Faith Estimate, we found an additional $5,000 of hidden fees via Yield Spread Premium. Not satisfied this mortgage company would serve in their best interests, I contacted a former co-worker who now works at Ameris Bank.
She put together the loan package, but their underwriting department stalled, kept requesting redundant information, and refused to follow FHA guidelines concerning my son-in-law’s legal status, and denied the loan because of perceived challenges with my son-in-law’s Green Card.
With the contract expiring and interest rates rising, I contacted Darin Hunter of 1st Financial Mortgage Partners. Within a short few days, Darin packaged the loan and had it approved within six business days! Darin and his team at 1st Financial Mortgage Partners identified needed documents, kept us informed, and offered competitive rates even though my daughter and son-in-law did not have a solid credit history.
I highly recommend Darin Hunter and his team for your mortgage needs.
– Al F.