Texas law allows you to refinance 100% of your present mortgage or if you wish to receive cash from the equity in your home, you may refinance up to 80% of the current appraised value.
Refinancing is one of the ways to possibly save a lot of money. What you’re doing is replacing your current mortgage with one with better terms for you! Refinancing can allow you to have a lower rate and therefore having lower monthly payments.
Refinance loans can be used to lower your current interest rate or help with many personal financial situations such as home improvements, reducing monthly payments, college tuition and more.
Getting started on refinancing your current mortgage is as simple as starting your application online or giving us a call.
Home refinancing provides homeowners who qualify with a easy way to take advantage of lower interest rates and lower their monthly mortgage payment.
Processing’s primary job is to verify all of the information you have provided on your mortgage application. This means checking your income verification (W-2s, pay stubs and/or tax returns), assets (checking and savings accounts), and outstanding debts (car and student loans) and also calculating your new Debt to Income ratio.
After finishing the loan application and gathering your documents your file will be sent to be underwritten by the Underwriter. Their job to to ensure that all the guidelines for the particular loan have been met.
Lenders always require a home appraisal before they will issue a mortgage, they do this to protect their investment. The most important component in arriving at the value is what is called comparable sales (or comps in short). During an appraisal, an expert evaluates your home and property and gives you an estimate on how much it is worth.
The closing (also called settlement) will usually take place at a Title Company and that is where you'll sign paperwork to finalize your new loan. You should bring three things to closing: two forms of identification and a cashier’s check (if required).
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If you’re looking to refinance a loan over $484,350, you’ll most likely need a special type of mortgage called a Jumbo loan refinance.
Refinancing your current Jumbo loan allows you to take advantage of lower mortgage rates or to shorten or lentghten the term of the loan.
We offer both fixed and adjustable loan options with Rate term and Cash Out Jumbo loan refinance options.
Homeowners with no mortgage or a current mortgage have the option to refinance their current Austin home loan.
Refinancing can allow you to have a lower rate and lower payment.
Exchange an Adjustable Rate (ARM) for a Fixed Rate.
Cash out refinance allows you to take money out of your home for things like paying college tuition, home repairs or vacations.
Do You have a FHA Loan and Want to Reduce Your Monthly Payments each month?
An FHA Streamline Refinance may be the choice for you!
Homeowners with existing FHA mortgages may be eligible for an FHA Streamline Refinance. This program provides an opportunity to get better mortgage terms then their current FHA mortgage.
With an FHA loan, you can finance up to 97.75% of the home value to reduce your current rate or current mortgage term – which is a higher percentage than a conventional loan. FHA loans are often more flexible than other programs – extending funds to people who have had credit challenges and offering competitive rates for people who want to take cash out.
The VA Interest Rate Reduction Refinance Loan (IRRRL) allows Texas Veteran homeowners who have a existing VA home loan to refinance and take advantage of lower mortgage interest rates and monthly payment.
VA Streamline refinance is designed to help Austin Veterans lower their current VA mortgage interest rate.
This VA loan guaranty program, which is also referred to as IRRRL (Interest Rate Reduction Refinancing Loan Program), is straightforward and simple for US Veterans and active duty members to qualify for.
You may see it referred to as a VA Streamline, VA IRRRL or a VA to VA Loan.
Generally costs between 3% and 6% of the loans principal. Closing costs can be divided into three main categories:
When trying to figure what all the closing cost are going to be, it is best to obtain a Loan Estimate (LE) from your Mortgage Broker. That way you can see a breakdown of all the fees that are being charged.
VA Loans allow you to finance 100% of the home, please see the VA loans page for more info.
Every client's situation is different and handled with a unique, personalized approach. As a Mortgage Broker serving Austin, Texas we focus on getting the right loan at the right rate for our client and it allows us to secure often hard-to-find financing.
Have a question about your particular mortgage goal, give us a call and speak with a mortgage specialist.