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