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Best Mortgage Refinance Companies in Waco, TX

Our Recommended Top 3

We did the research for you!

  • Licensing
  • User Reviews
  • Mystery Shopping Calls

Our goal is to connect people with the best local professionals. We scored Waco Mortgage Refinance Companies on more than 25 variables across five categories, and analyzed the results to give you a hand-picked list of the best.

71Reviewed

43Curated

3Top Picks

Learn about our selection process.

Providers

featured provider = Featured Provider

600 Lake Air Suite 1B, Waco, TX 76710
WebsiteLicense: 1281536

Expertise.com Rating

Review Sources

Google
5.0 (19)
Facebook
5.0 (14)
Yelp
5.0 (1)

Why choose this provider?

McCulloch Mortgage Team serves Waco residents seeking home refinancing. It assists with various scenarios, from getting cash out of the home's equity to lowering interest rates by converting an adjustable-rate mortgage into a fixed-rate. Its team shops for loan products from over 40 lenders to find options suited to the client's situation. The team members are Military Home Specialists certified by the Boots Across America program. The company strives to deliver a convenient experience by providing straightforward mortgage calculators, and paperwork and loan process guides.

  • New Construction

3923 S. General Bruce Drive, Temple, TX 76502
WebsiteLicense: 270043

Expertise.com Rating

Review Sources

Facebook
4.9 (78)
Google
5.0 (2)

Why choose this provider?

Bradley Dragoo guides individuals and families in Waco and nearby metros in buying or refinancing a home. He and his fellow loan originators and processors provide clients with financial flexibility through refinancing by lowering monthly payments, shortening loan terms, getting cash from the equity, and paying off higher interest debt. They also discuss various mortgage options and the benefits of having their own property. Dragoo works as the local branch manager of Fairway 365 Independent Mortgage Corporation.

  • Reverse Mortgages

6544 S General Bruce Drive Suite A, Temple, TX 76502
WebsiteLicense: 1256396

Expertise.com Rating

Why choose this provider?

Guild Mortgage caters to Waco clients. It assists homeowners seeking to refinance their loans to help them attain lower interest rates. As part of its work process, the company orders an appraisal of the client's property to determine its value. VA, FHA, and USDA-backed loans are also offered for first-time homebuyers. The company has been in the industry for more than four decades. Its CEO, Mary McGarry, is a board of directors member of the Mortgage Bankers Association. She holds a bachelor's degree in accounting.

  • New Construction
  • Reverse Mortgages

Compare our Top Mortgage Refinance Companies

NameExpertise RatingAddressPromotionsLearn more
McCulloch Mortage Team
600 Lake Air Suite 1B, Waco, TX 76710
Bradley Dragoo
3923 S. General Bruce Drive, Temple, TX 76502
Guild Mortgage
6544 S General Bruce Drive Suite A, Temple, TX 76502

FAQs

  • Introduction

    Refinancing a mortgage can be a complicated process, and hiring a mortgage refinancing broker can make it simpler and faster. There are several things you can do to protect your interests and help your broker complete the process for you.

    Check a potential broker’s online reviews to find one with a good reputation. In addition to the opinions of past clients, check to see if a broker has an online portfolio, which can support the reviews you find from past clients to show a broker’s trustworthiness. This can also help you establish if a broker has handled financing for properties similar to yours.

    Get a written summary of a broker’s rates before committing so you know exactly what hiring your chosen mortgage refinance broker will cost. Find out which lenders work with your broker and what information they need to successfully refinance your mortgage.
  • When is the ideal time to take advantage of a no-closing-cost mortgage refinance in Waco?

    No-closing-cost refinances are most advantageous when you anticipate living in your home for less than five years. Because of this, you won't have to fork over a large chunk of money upfront, and you'll be able to sell the house before you pay tens of thousands of dollars more in interest. If you foresee living in your Waco home for a shorter period, it would be wiser to opt for a no-closing-cost refinance.

  • Can a mortgage be refinanced in Waco if the borrower is a seasonal worker or unemployed?

    While it is not impossible, it can get complicated. Mortgage lenders in Waco typically do not view unemployment benefits as sufficient proof of income. This is because they prioritize stability and seek assurance that borrowers will have the means to repay their loans. Prospective home buyers can consider several strategies to improve their chances of securing a mortgage. These include finding a co-borrower, exploring additional sources of income (such as child support, rental property earnings, or alimony), and making a substantial down payment.

  • What are the steps to refinance a home mortgage in Waco?

    The process of refinancing is comparable to applying for a purchase mortgage. Even though the list of tasks is shorter, it still demands significant time, attention, and effort from the borrower. Here is what the usual process entails:

    • Establish a specific financial objective.
    • Review your credit score and history.
    • Calculate your home equity.
    • Shop around and compare mortgage lenders.
    • Organize your documents.
    • Prepare for the home appraisal.
    • Bring cash to the closing, if necessary.
    • Monitor your loan.
  • How should you prepare for refinancing an investment property in Waco?

    First, research your property's current value and the costs associated with refinancing. Prepare and gather the necessary documents in advance for your lender's request to avoid unnecessary delays and setbacks. Additionally, keep in mind that interest rates for investment property loans are higher than those for primary property loans due to the higher risk associated with real estate investments. Refinancing also incurs closing costs regardless of the timing. Consult with a mortgage officer in Waco who can guide you through the process of refinancing your investment property.

  • How many times can you utilize cash-out refinance in Waco?

    The Texas Constitution, which applies to Waco, does not restrict the number of cash-out refinance loans that can be obtained for a single home. However, it is necessary to wait for a minimum of one year between cash-out refinances. In actuality, cash-out refinancing loans are unlikely to be available every year. For a second cash-out refinancing to be worthwhile, you'll need to let your equity recover. It might take several years unless there is a significant increase in property values in your area.

  • How do you refinance a mortgage?

    Decide why you’re refinancing, such as to get a lower interest rate, pay off your loan faster, or to get a lower monthly payment. Share your credit information with your broker along with information about the equity you have in your home. Review your mortgage refinance broker’s quotes and choose the best loan terms.