For Home Owners
If you own a home, we can help you finance renovations, help you tap your equity, or take cash-out.
If your current rate is high (over 7%), and rates have fallen, then refinancing will reduce your rate and help you save money on your mortgage. If your loan is more than 80% of your home’s value, though, you aren’t able to do a Cash-Out Refinance (because of Texas law).
If you want to finance home improvements, you’ll need our Renovation Refinance. This will drop your rate, and help you roll in $25,000+ of improvements to your home. We have several unique loan programs that we can discuss with you, to find the right one. Please give us a call.
Home Equity – HELOC
If the rate on your mortgage is low (in the 3s or 4s), then a refinance is not right for you, since rates today are higher. If you want to access your Home Equity, it’s better to not do anything to your current mortgage. That’s what a HELOC is for.
A HELOC is a 2nd lien, repaid over 30 years with a fixed rate, just like your current loan. A HELOC allows you to tap your home equity for any need, whether you have home improvements you want to finance, storm damage on your home, or want to help your son or daughter buy their first home and give the gift for their 3% down payment. Our HELOC requires no appraisal (saving you over $500) and we can lend on your primary, secondary, or investment home. The best part is we automate the entire process, so no need to email us documents or go back and forth for 6 weeks. We usually get you funds in about 10 days.
If you owe nothing on your home, and you want to tap your equity, then a Cash-Out Refinance is probably the best option. With a cash-out, in Texas, you can borrow up to 80% of your home’s appraised value. A Cash-Out Refinance is better for you than a HELOC, although we do need to get documents from you like paystub, W2s, and order an appraisal. The interest rate is better, so we suggest this option for you if you have no current mortgage.
Rate (or Term) Refinance
You don’t really need to renovate your home, but you have a rate that’s high (above 7%) and you’d like to refinance now that rates have fallen. Maybe you have a 30-year mortgage and you’d like to refinance into a new, 15-year loan. This is called a Rate/Term Refinance and we want to help you shop several lenders who can each compete to give you the best pricing for this type of refinance.