What You Can Do with a Mortgage Loan Refinance?
You have a lot of options when you decide to refinance your home mortgage. You can
- • Free up equity for home improvement projects.
- • Lower your monthly payment.
- • Change the term of the loan to fewer years so that you pay down your equity faster.
- • Choose between federally backed and private loan options.
- • Tap into existing home equity for living expenses once you are over the age of 62.
Houston refinance mortgage rates fluctuate daily and are comparable to conventional mortgage loan rates. We offer the most competitive refinance rates in the industry, and we are happy to help you calculate various refinance
You need an excellent credit rating to secure the most competitive industry rates. Scores of 740 or more are desirable; a score of 680 or less makes it hard to find a competitive rate.
You will need to show proof of regular employment in the form of several months’ pay stubs, as well as a copy of your income tax return and W2 form.
You will need to have a loan-to-value (LTV) ratio of 80 percent to be eligible to refinance your existing mortgage, the same as you would need to avoid paying
private mortgage insurance (PMI) on a primary loan.However, there are federally backed loans that allow homeowners to refinance “underwater” loans with an LTV of up to 125 percent.
Want to Know More About Refinancing Your Home?
Are you ready to have a lower monthly payment? Would you finally like to build the master bedroom suite of your dreams? A home mortgage refinance lets you use the equity in your home to improve your quality of life right now, without waiting until you sell your home, and with rates still low, they are a great solution for many Houston residents.
