Grove Mortgage Home Loans in San Antonio, Texas
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Home Refinancing Process in Texas

In Texas, you can refinance 100% of your present mortgage or you may take out up to 80% of the current appraised value with a cash out refinance.

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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

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.

Underwriting

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.

Appraisal

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.

Closing

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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Types of Mortgage Refinancing

We offer mortgage refinancing for San Antonio and throughout Texas including:

Benefits of Mortgage Refinancing

  • Reducing your interest Rate
  • Exchange an Adjustable Rate (ARM) for a Fixed Rate
  • Access to Extra Cash - "Cash Out Refinance"
  • Removing the PMI
  • Shortening the Loan's Term
  • Consolidating a 1st and 2nd mortgage into only one loan

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Are you wanting to Purchase or Refinance?

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Mortgage Refinancing Options

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.

What is Rate Term Refinancing?

A no cash-out refinance is also known as a 'rate and term refinance'. It is the refinancing of an existing mortgage for an amount equal to or less than the existing outstanding loan balance plus an additional loan settlement cost. It is done primarily to lower the interest rate charge on the loan and/or to change the term of the mortgage.

What is Cash Out Refinancing?

Cash-out refinances in San Antonio are a popular way for borrowers to access the equity in their homes to pay down consumer debt or make additional purchases. Borrowers need to make a risk-based assessment of whether extracting equity from a home is economical. Borrowers also need to be aware that refinancing a mortgage has costs, including the fact that the lender may charge a higher interest rate on a cash-out refinance than a rate-and-term refinance.

What are the closing costs involved in mortgage refinancing?

Many times we are able to roll your closing cost into the new loan! Generally costs between 3% and 6% of the loans principal.

Closing costs can be divided into three main categories:

  • Lender fees: Fees can include origination, points, application, credit report, and appraisal.
  • Third-party fees: These fees vary by state and the actual company you select to close your loan. They can include fees for closing, title exam, title insurance, and recording.
  • Prepaid items: These are items collected at the time of closing but are not really considered costs. They include items you pay whether or not you refinance (for example, interest, taxes, and hazard insurance).

Mortgages Made Simple

Answer a few easy questions about your finances and get preapproved today!

We are in San Antonio, Texas and proudly boasts an A+ rating from the
Better Business Bureau. Better Business Bureau

Every client's situation is different and handled with a unique, personalized approach. As a San Antonio, Texas based Mortgage Broker 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.

210-656-1134

Grove Mortgage Home Loans of San Antonio