Loan Programs: Refinance

Whether you are looking to refinance your primary residence, a second home or investment property, there are a number of reasons it makes sense to consider refinancing.

You may want to lower your interest rate, get rid of private mortgage insurance, reduce the term, or lower your payment.

You can refinance and eliminate your escrow account, making the decision to handle the payments for your property taxes and insurance yourself. If you have an escrow account shortage that has taken your payment out of the comfort level, we can usually straighten that out with a refinance.

In addition to standard fixed rate loans for periods ranging from 10 to 30 years, we also have available a number of special programs, including 80/10/10’s and 80/15/5’s.** These are two of the great programs which still allow you to avoid private mortgage insurance.

  • **These programs do have requirements for certain credit scores, and include requirements for liquid reserves as well.

In addition to the potential to change your interest rate, there are a number of other reasons that make refinancing a smart thing to consider, such as:

  • Lowering your monthly payment
  • Taking equity out for home improvement projects or debt consolidation, or to cushion a savings account
  • Removing private mortgage insurance if you are still paying it
  • Converting an adjustable rate loan into a fixed rate loan
  • Escrow account overhauling-if your payment has increased substantially due to an escrow shortage, or eliminating the escrow account altogether in favor of handling your own tax and insurance payments

In most cases, we can add the closing costs to your loan if you want to do that. Usually the only item that has to be paid outside of the closing is the appraisal, which typically runs $450 to $550. Larger properties, or those considered rural or contain acreage will run a little higher, and are priced on a case by case basis.

Our mission is to go above and beyond your expectations, and to ensure that your closing goes as smoothly as possible. We want to be your mortgage company, not just this time, but every time. We appreciate the opportunity to be of service to you.

 

Cash Out Refinance

 

Cash out refinance loans can enable you to use the equity sitting in your home and make it work for you. On your homestead in Texas, you can borrow up to 80% of the current value of your property.

Cash out refinancing can be a great way to eliminate credit card debt, car loans, or even provide you with a college fund, so you can avoid or reduce potential student loans.

** Certain credit score and property requirements may apply. Please call for details.

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