Rate & Term Refinance
A Rate and Term Refinance is the refinance of only the balance you owe on other existing 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.
Why Rate and Term Refinancing may benefit you? This is a good way to shorten your term, get a lower interest rate and payment, remove Mortgage Insurance, 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 low 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 possibility of waiving a new appraisal and we can allow debt ratios up to 65% on some products!
You could save thousands a year just by getting a lower rate. Most 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!
With rates near all time lows you owe it to yourself to act now. 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.
Cash Out Refinance or 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 preemption 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 Texas home equity loan per a year, no negative amortization, 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 employ 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.
Why work with Global Home Finance Inc.? By working with Global Home Finance Inc. Residential Mortgage Loan Officers, you may be able to skip a payment or two and pay off property taxes.
For either Rate and Term Refinance or Cash Out Refinance options, Global Home Finance Inc. pays for your credit report upfront if you call us from the mail piece we sent you and provides you a free written report of what we can do to help.
Call a State of Texas Licensed Residential Mortgage Loan Originator now at 866-923-3222 or Click Continue to Apply Online.
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