Fixed rate loans are the most popular programs for refinancing. This is where you have stable predicable payments each month and as a result offers the most security for yourself and your family. If you are currently in an adjustable rate mortgage (ARM) and would like the security of a fixed rate, a fixed rate program is the right program for you.
In some cases, Adjustable Rate Mortgages (ARM) make sense. These are more risky as your payment will be fixed for a short period of time (2+ years) and then it will adjust according the index it is tied to. For best results, we recommend a financial consultation with our experts.
About Refinancing
Refinancing loans serve a variety of purposes. Whether you are looking to consolidate some debt and save hundreds of dollars per month, looking to lower you interest rate, or seeking to restructure your financial goals, we have the solution for you! The process generally involves the following steps:
• Complete a full mortgage application with the assigned lender
• Upon approval, supply the required documentation
• Coordinate with appraiser that lender chooses
• Send in loan package and clear conditions from the Bank
• Schedule closing
That whole process generally takes no more than 30 days. One nice advantage of refinancing is that you are allowed to skip one month of your mortgage payment after you close. Depending on when in the month your mortgage closes you can possibly not make the current mortgage payment and skip the following month as well. You can use this money to payoff another bill, fix up your home, or even go on vacation.
If you are looking to refinance and want the best rate and terms, and want an easy process with more favorable guidelines, we are the best choice for you!
Streamline Refinancing with FHA/VA
A FHA/VA Streamline Refinance allows you to refinance your current FHA/VA loan into another FHA/VA loan. A FHA/VA Streamline allows you to:
• Convert you FHA/VA ARM into a fixed rate
• Shorten you loan term
• Requires VERY LITTLE DOCUMENTATION
There are several benefits to a FHA/VA Streamline Refinance. Generally, no appraisal is necessary. There are also no credit restrictions on an FHA/VA Streamline refinance. You income and employment are also not evaluated when applying for a FHA/VA Streamline loan.
There are only a few requirements to obtaining a FHA/VA Streamline loan, they are:
• Your current FHA/VA loan must be current at the time of closing the new FHA/VA loan
• The new FHA/VA loan must offer a lower payment or shorten the term without increasing your payment by more than $50
• If current FHA/VA loan is an ARM, and the new loan a fixed, the interest rate on the new fixed loan may not be more than 2 percent higher than that of the ARM
Mortgage Debt Consolidation
A debt consolidation loan allows you to refinance your existing mortgage and also roll in your existing debt. The total of this and your closing costs can be as much as 80% of the appraised value of your home in Texas. Consolidating your debt into your mortgage can have several benefits:
If you are trying to save money, repair your credit, or even prevent bankruptcy, make sure you speak with a Texas Loan Officer who will evaluate your current situation and show you how much a mortgage debt consolidation loan can help you.A great FREE resource to help you save money, keep track of your expenses and start budgeting is Mint.com.This is a truly a great website/service and we highly recommend checking it out. With us on your side, this tool in your hand, you are assured to save money and KEEP IT IN YOUR POCKET after your refinance!
