Last Updated: 04/18/2025
1st Alliance Lending Mortgage Refinance
Unaffiliated
Last Updated: 04/18/2025
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Highlights
Credit Score Range
N/A
Amount Range
Up to $424,100
Loan Term (Years)
10 - 30
1st Alliance Lending Mortgage Refinance Review
1st Alliance Lending Mortgage Refinance is offered by 1st Alliance Lending LLC (NMLS #2819), a direct lender founded in 2004 and based in East Hartford, CT. 1st Alliance Lending are available in 48 states and Washington, DC.
Key Takeaways
- Wide selection of mortgage programs offered. 1st Alliance Lending Mortgage Refinance refinances FHA, USDA, VA, conforming, and conventional mortgages.
- Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
- Non-standard interest rates available. 1st Alliance Lending Mortgage Refinance only offers hybrid mortgages.
- Considers personal use and investment properties. Refinancing available for primary residences, secondary homes (e.g. vacation properties), and even investment homes such as rentals.
- Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
1st Alliance Lending Mortgage Refinance Pros & Cons
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1st Alliance Lending Mortgage Refinance FAQ
What is the maximum loan term for a mortgage refinance via 1st Alliance Lending?
The term of a mortgage refinance will impact the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. 1st Alliance Lending Mortgage Refinance offers mortgage refinancing with terms ranging from 10 to 30 years.
How long does 1st Alliance Lending take to refinance?
1st Alliance Lending does not provide details on the average time to close a refinance. However, it typically takes 30 to 45 days to complete a refinance. Of course, a lot depends on the market, the lender, and how long appraisals and inspections take.Does 1st Alliance Lending charge a mortgage origination fee?
Yes, 1st Alliance Lending Mortgage Refinance will charge a loan origination fee .
What mortgage programs does 1st Alliance Lending offer?
1st Alliance Lending Mortgage Refinance offers the following mortgage types:
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- USDA: A zero down payment mortgage loan with low rates for suburban and rural homebuyers.
- VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.
What property usage types does 1st Alliance Lending allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. 1st Alliance Lending Mortgage Refinance allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
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