Best Mortgage Refinance Companies in Pharr

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.
  

• Do lenders in Pharr approve refinancing for customers who have been self-employed for less than a year?

  Refinancing or securing a new home loan is unlikely to be approved by lenders in Pharr for individuals with less than one year of self-employment record. Generally, lenders require a minimum of one year of self-employment or a two-year history in a comparable field. In some cases, lenders might consider a year of related employment paired with a year of formal education or training as an acceptable work history.

• What requirements do self-employed borrowers in Pharr need to submit to refinance a loan?

  Some of the documents that a lender might request from self-employed borrowers in Pharr are the following:

  • Emails or letters from the present clients, a CPA, and a recognized professional organization that can vouch for the membership.
  • State or business licenses.
  • Proof of insurance for the business.
  • Income authentication.
  • A Doing Business As.
  • Bank statements.
  • Personal tax returns, including W-2s if borrowers receive payments through a corporation.
  • Profit and loss statements.

• Is it possible to pursue a cash-out refinance mortgage in Pharr after residing in the house for only six months?

  Generally, a borrower in Pharr is required to have owned the home for a minimum period of 12 months, but an exception may be applied if the individual has inherited the property. Another exception is if they've been granted ownership through one of the following situations: divorce, separation, or dissolution of a domestic partnership.

• Do lenders in Pharr require a refinance letter as part of the application process?

  A refinance letter is not always mandatory in Pharr. However, providing a letter of explanation for a cash-out refinance can offer lenders valuable insight into the borrower's circumstances and requirements. There are instances wherein this letter can play a pivotal role in determining whether the application gets approved or denied by the mortgage lender.

• How soon can borrowers be eligible to refinance a mortgage in Pharr?

  Generally, borrowers in Pharr need to maintain their mortgage loan for a minimum of six months before being eligible for refinancing. If borrowers intend to refinance with the same lender, it is common practice to wait about six months in accordance with established minimum requirements. This waiting period does not impede individuals from considering alternative refinancing programs with a different lender.

• 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.