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Alcova Mortgage Refinance

in Mortgage Refinance from Alcova Mortgage LLC · NMLS ID #40508

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Alcova Mortgage Refinance

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in Mortgage Refinance from Alcova Mortgage LLC · NMLS ID #40508

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Highlights
Highlights
Loan Amount $50,000 - $2,000,000
Loan Term (Years) 10 - 30 years

Alcova Mortgage Refinance Review

Alcova Mortgage Refinance is offered by Alcova Mortgage LLC (NMLS #40508), a direct lender founded in 2003 and based in Roanoke, VA. Alcova Mortgage Refinance is available in 9 states (and Washington, DC).

Key Takeaways

  • Mortgage programs available. Alcova Mortgage Refinance refinances FHA, FHA 203k, HARP, USDA, VA, conforming, and conventional mortgages.
  • Interest Rate Types. Alcova Mortgage Refinance offers hybrid mortgages and fixed-rate mortgages.
  • Considers personal use and investment properties. Refinancing available for primary homes, vacation homes, and even investment homes, such as rental properties.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage refinance loan early.

Alcova Mortgage Refinance Pros and Cons:

Pros Cons
  • Charges an origination fee.
  • Charges prepayment fees.
  • No co-sign option.
  • Only available in 9 states.

What range of mortgage balances will Alcova Mortgage Refinance refinance?

Mortgage refinancing loans start at $50,000 and go up to $2,000,000

What is the maximum loan term for a mortgage refinance via Alcova Mortgage Refinance?

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. Alcova Mortgage Refinance offers mortgages refinancing with terms ranging from 10 to 30 years.

What is the estimated funding time for a mortgage refinance with Alcova Mortgage Refinance?

Alcova Mortgage Refinance will typically fund mortgage refinances within 45 days of approval.

Does Alcova Mortgage Refinance charge a mortgage origination fee?

Yes, Alcova Mortgage Refinance will charge a loan origination fee.

What mortgage programs does Alcova Mortgage Refinance offer?

Alcova 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%.
  • FHA 203k: An FHA mortgage you can also use to finance home improvements.
  • HARP: A mortgage refinance program for home loans owned or backed by Fannie Mae or Freddie Mac. No minimum credit score or value appraisal required.
  • 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 Alcova Mortgage Refinance allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Alcova Mortgage Refinance allows the following property usage types: 

  • Primary home
  • Secondary homes and vacation properties
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Other Services by Alcova Mortgage LLC

Availability

  Available in 9 states and Washington, D.C.
  • Alabama
  • Washington, DC
  • Florida
  • Georgia
  • Maryland
  • North Carolina
  • South Carolina
  • Tennessee
  • Virginia
  • West Virginia

Feature Breakdown

Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Loan Term 10 - 30 years
Loan Amount $50,000 - $2,000,000

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