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Best Mortgage Refinance Companies in Waco

2024

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Providers

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Website
600 Lake Air Suite 1B, Waco, TX 76710
  • New Construction

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.

License Verified:

License: 1281536

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (19)
Facebook
5.0 / 5 (14)
Yelp
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail

Website
6544 S General Bruce Drive Suite A, Temple, TX 76502
  • New Construction
  • Reverse Mortgages

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.

License Verified:

License: 1256396

Nationwide Multistate Licensing System and Registry

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail

Website
3923 S. General Bruce Drive, Temple, TX 76502
  • Reverse Mortgages

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.

License Verified:

License: 270043

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Facebook
4.9 / 5 (78)
Google
5.0 / 5 (2)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail

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.
  • 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.