|Loan Term||10 - 30 years|
|Loan Amount||Up to $1,223,475|
Clara is a mortgage refinance offering by Clara, a direct lender based in San Francisco, CA. Founded in 2016, Clara offers mortgage refinancing to borrowers in 1 state across the USA.
What is the maximum loan term for a mortgage refinance via Clara?
The term of a mortgage refinance will determine the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. Clara offers mortgages refinancing with terms ranging from 10 to 30 years.
What is the estimated funding time for a mortgage refinance with Clara?
Clara will typically fund mortgage refinances within day of approval.
Does Clara charge a mortgage origination fee?
Yes, Clara may charge a loan origination fee.
What mortgage programs does Clara offer?
Clara 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.
- 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 Clara allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Clara allows the following property usage types:
- Primary home
- Secondary homes and vacation properties