Best Mortgage Refinance Companies in Frisco

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.
  

• Should “Home Sweet Home” program borrowers in Frisco refinance their homes?

  Those in Frisco who bought their homes through the Texas State Affordable Housing Corporation’s “Home Sweet Home” program should only refinance their homes three years after their second mortgage, provided that they take out down payment assistance on it. This is because the balance will be forgiven by the state, along with no monthly payments.

• Who is eligible for a Frisco cash-out refinance?

  To be eligible for a cash-out refinance in Frisco, homeowners will typically need to have at least 20% equity in their home. This is because the refinance amount on most conventional mortgages can’t exceed 80% of their home’s value. However, those with VA loans are permitted to access 90% to 100% of their home’s value.

• What are the fees associated with Frisco mortgage refinancing?

  Those in Frisco who wish to refinance their mortgages will have to pay for the costs of the lender’s title policy, appraisal, settlement, and recording fees, as well as various state and local taxes. In 2021, the average closing cost in Dallas-Fort Worth was $3,162. In fact, Texas had one of the highest average closing costs nationwide that same year.

• How long does the Frisco refinance process take?

  Depending on the complexity of one’s loan, taking out a refinance in Frisco typically takes up to 45 to 60 days. At the closing, borrowers will be able to receive their money after three days. Under federal law, they may use this period to change their mind about refinancing their mortgage.

• How often can Frisco homeowners refinance their mortgages?

  There is no limit to how many times homeowners in Frisco are permitted to refinance their mortgages, so long as they meet the lender’s requirements. However, lenders typically enforce a six-month waiting period between refinances, especially for FHA and VA Streamline Refinance programs. For those with conventional mortgages, there is no waiting period.

• 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.