Best Mortgage Refinance Companies in Pasadena

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.
  

• For a borrower in Pasadena, how can a home equity loan be different from a cash-out refinance?

  The home equity loan is considered a second mortgage in addition to the existing one. A cash-out refinance is distinct because it requires the new loan to cover more than the current one, and the difference will be the loan amount. Both are similar because the Pasadena home's equity will be used to secure funding from the lender.

• If you have a TDHCA Mortgage Credit Certificate on your home in Pasadena, can you still refinance it?

  Yes, but your lender has to submit an MCC Refinance Loan Application to HTSHousing@HilltopSecurities.com as well as send the check payment to: Hilltop Securities Inc. Attention: Housing Department 717 N. Harwood St., Suite 3400 Dallas, Texas 7520 Other conditions include the new loan amount not exceeding the original mortgage's loan as of the refinancing date. Borrowers in Pasadena can email HTSHousing@HilltopSecurities.com or call 214-953-4176 if they have questions.

• How can a homeowner in Pasadena save more on their monthly mortgage payments through refinancing?

  Low- to middle-income homeowners in Pasadena can try applying for the Freddie Mac Refi Possible® to save on their monthly mortgage payments. The program provides various options and flexible features that may be advantageous for homeowners with refinancing problems due to their income. Homes eligible for this program include owner- or non-owner-occupied properties, such as one-unit homes and manufactured houses.

• Can getting a local lender in Pasadena for refinancing be better?

  Generally, local lenders are reputed to offer reliable service and are known to close loans in a timely manner. They can also provide the refinancing a borrower a more personal service through face-to-face meetings. They also tend to offer loan options that come in different terms, meaning you have a lot of choices better suited to your needs. In addition, you will be contributing to the Pasadena local economy and business community, which could benefit you down the line.

• Should you refinance your mortgage in Pasadena if you have plans of relocating soon?

  This depends on whether you will be able to recoup refinancing costs before you relocate from Pasadena. There are some lenders that will waive some costs in exchange for a slightly higher interest rate. With this in consideration, try to refinance if there is a significant reduction in your debt or the potential to save a huge amount on your mortgage.

• 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.