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San Antonio mortgage and refinance services throughout Texas.

San Antonio Mortgage refinance: Pre-qualify and learn about the benefits in Texas

mortgage refinance

Refinancing your home in San Antonio

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.

Types of mortgage refinancing

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

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.

Mortgage Refinancing Options

There are two options when it comes to refinancing your home.

Rate Term Refinance

Cash Out Refinance

What Does Rate Term Refinance Mean?

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.

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Benefits of Mortgage Refinancing for San Antonio:

  • Reducing your interest Rate:
  • Reducing your interest rate not only helps you save money, but increases the rate at which you build equity in your home, and can decrease the size of your monthly payment.
  • Exchange an Adjustable Rate (ARM) for a Fixed Rate :
  • If you currently have an adjustable rate and as rates go higher your payment will increase with the market. By refinancing to a Fixed Rate your payments (principal & interest) will not fluctuate with the market or index that your current mortgage is tied too.
  • Access to Extra Cash - "Cash Out Refinance":
  • Allows you to tap into the equity you've built up in your home. And use it for remodeling your home, paying off high-interest rate bills or for college.
  • Removing the PMI:
  • If you currently are paying "PMI" and your home has appreciated since you purchased it, you may have more that 20% equity now you can refinance and no longer need "PMI".
  • Shortening the Loan's Term:
  • When interest rates fall, homeowners often have the opportunity to refinance an existing loan for another that, without much change in the monthly payment, has a shorter term. For that 30-year fixed-rate mortgage on a $100,000 home, refinancing from 9% to $5.5% cuts the term in half to 15 years, with only a slight change in the monthly payment from $804.62 to $817.08.
  • Consolidating a 1st and 2nd mortgage into only one:
  • A lot of people when they originally bought their home may not have put down a 20% down payment. Therefore they took what is called an 80-20. Meaning that there was a 1st loan of 80% of the value and the 2nd loan of 20% of the value. This way they would avoid paying PMI. The second was usually financed at a higher rate than the first.
  • By refinancing both of these notes into one note could allow you to have a lower monthly payment then having a first and second lien on your home.

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.

When trying to figure what all the closing cost are going to be, it is best to obtain a Good Faith Estimate (GFE) from your Mortgage Broker. That way you can see a breakdown of all the fees that are being charged.

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.
  • Pre-paid 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).

Why choose Grove Mortgage for your San Antonio mortgage loan?

We are located in San Antonio, Texas and are Licensed Mortgage Broker and a VA Approved lender and have been specializing in VA Loans throughout Texas since 2002.

We can help you accomplish your home purchase or home refinance with expert service, fast closing and very low fees.

To speak with a home loan specialist call
210-656-1134 or
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Find out how much you qualify for with No Cost, No Credit Check, and No Obligation!

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

If you are in the Dallas–Fort Worth–Arlington, TX metroplex area please see our new Grove Mortgage home loans in Dallas page.

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