Best Mortgage Refinance Companies in Brownsville

Frequently Asked Questions

• 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.
  

• Are there lending options for Hispanic Americans in in Brownsville?

  Hispanic Americans in Brownsville may feel more at ease refinancing their mortgages with Hispanic-owned banks and credit unions, such as Commerce Bank, Falcon International Bank, Lone Star National Bank, Rio Bank, Rally Credit Union, and Security First Credit Union, due to historically discriminatory lending practices. Many of these Hispanic-American-owned financial institutions are located in Texas.

• What is the difference between a cash-out refinance and a reverse mortgage in Brownsville?

  Reverse mortgages in Brownsville are an option for homeowners who are 62 years of age or older and have owned their house for at least five years, but cash-out refinances also let borrowers take advantage of the equity in their homes. Reverse mortgages are best for seniors who want to stay in their homes, while cash-out refinances are used for home improvement or debt consolidation purposes.

• Can reverse mortgages be refinanced in Brownsville?

  Reverse mortgages in Brownsville can be refinanced to change how the borrower receives the money, whether it is a one-time payout, monthly payments, a line of credit, or a combination of the last two. Other reasons for refinancing a reverse mortgage include lowering one’s interest rate or switching to a single-purpose, proprietary, or traditional mortgage.

• Who is eligible for a FHA streamline refinance in Brownsville?

  Those in Brownsville who hold an FHA loan and have had no late mortgage payments for the past year are eligible for an FHA streamline refinance. It is relatively easy to qualify for an FHA streamline refinance, as the program has little to no income standards and no required home appraisals.

• Who is eligible for a cash-out refinance in Brownsville?

  In order to be eligible for a cash-out refinance, borrowers in Brownsville must have at least 20% equity in their home. They must also have paid off second mortgages and all liens, such as a home equity line of credit or home equity loan. In addition, they must have had their mortgage for at least six months.

• 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.