Rate & Term Refinance/ Cash Out Refinance

Rate And Term Refinance

A rate and term refinance is the refinance of only the balance you owe on other exising mortgage(s) on the subject property. This can include "rolling in" the closing costs and establishment of a new escrow account. You cannot receive any significant amount of cash out or pay off other debts with this type of transaction. This is a good way to shorten your term, get a lower interest rate and payment, to turn an Adjustable Rate Mortgage into a fixed period mortgage, or consolidate a first and second mortgage used to purchase the home into one fixed rate loan. If your loan is held by Fannie Mae, Freddie Mac, FHA, VA, Ginnie Mae we may be able to streamline your loan and offer you reduced documentation requirements. There is also the possiblity of waiving a new appraisal or at least receiving reduced appraisal requirements (like a drive by appraisal inspection)!

A rate and term refinance can sometimes be used to eliminate Mortgage Insurance. You could save thousands a year just by getting a lower rate. Many of our customers are able to realize tens of thousands of dollars in savings. Some individuals clear $100,000 or more over the life of the loan in savings! If your budget is tight and you are looking for relief you owe it to yourself to call. Most of the time you are able to skip a payment or two and pay off property taxes. There is no cost or obligation to find out how much you can save. Call now at 866-515-4097.

Cash Out Refinance (Home Equity Loan)

A Cash Out Refinance or Home Equity Loan results when you receive cash out or proceeds from the equity in your home upon the funding of the loan. This includes money being used to payoff any other debts besides the mortgages used to purchase the home. You can use a cash out mortgage to consolidate credit cards or other high interest rate debt, do home improvements, invest, start/fund a business, college education, weddings, pay taxes or anything you want.

In Texas we have something called Texas A6 laws which make the transaction very specific and many out of state lenders that have federal premption to state licensing employee loan officers who know nothing about Texas A6 laws. They limit the amount of equity you can pull out of your house to 80%. You cannot do more than one TX home equity loan per a year, no negative amoritization, once a Texas cash out always a Texas cash out (except for when doing a reverse mortgage), and the list goes on. If you are looking to refinance a home in Texas you should consult with a licensed Residential Mortgage Loan Officer specifically trained in handling mortgages in Texas. The largest banks in the country generally employee call center loan officers lending in all 50 states and they have no specific knowledge of Texas. These companies avoid state licensing protocols by having a Federal Savings Bank designation which means they are not regulated or accountable to state regulators but to the Federal Regulators.

You may be able to skip a payment or two and pay off property taxes. There is no cost or obligation to find out how much you can save. Call now at 866-515-4097.

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