Save When You Refinance Your Mortgage in El Paso, TX and New Mexico
Mortgage refinancing involves taking out a new loan to pay off your original loan, which enables you to pay off your loan at a faster and less stressful pace. Refinancing your El Paso home loans can save you thousands of dollars by replacing existing debt. Our experienced loan officers at Rocky Mountain Mortgage Company will help you find an option to refinance your mortgage that suits you best and enhances your financial freedom.
We specialize in helping homeowners in our community find mortgage refinance services that allow them to take advantage of lower interest rates, cash out a portion of their equity, and reduce their monthly mortgage payments with an extended repayment term. Our goal is to provide you with an equity and repayment plan that best benefits you.
What Is Mortgage Loan Refinancing?
A mortgage refinance is a revision of the terms of your existing mortgage in order to make it more favorable. Refinancing your mortgage can give you a more favorable interest rate, repayment schedule, or other terms. After refinancing, you will be under a new contract that replaces the original.
When to Refinance Your Mortgage
Refinancing your mortgage loan can give you the opportunity to take advantage of new lower interest rates. You might also consider refinancing if your credit has improved, if you have made changes to your long-term financial plans. Refinancing your mortgage will also allow you to take out cash value from your home’s equity to use for other purposes, like a home renovation.
Benefits of Home Mortgage Refinancing
Refinancing your home mortgage allows you to take advantage of favorable changes in interest rates and achieve a lower monthly mortgage payment. The biggest benefits of home mortgage refinancing are:
- Lower interest rates
- Lower monthly mortgage payment
- The ability to convert an adjustable interest rate into a fixed interest rate
- More predictability and control over your mortgage terms
- Ability to free up cash for something else
- Setting a shorter mortgage loan term so that you can save money on your total interest
Types of Mortgage Refinancing Programs We Offer
From lowering your monthly payments to building your home’s equity, there are a variety of refinance programs that our loan officers can offer you:
- Rate-and-Term Refinance Loans – This refinance program is the most popular for homeowners. It is used to pay off the original mortgage, which is then replaced with a new loan.
- Fixed-Rate Refinance Mortgage Loans – This refinance program sets a fixed monthly payment during the life of the loan.
Eligibility Criteria for Refinancing Mortgage Loans
Mortgage refinancing options are strictly reserved for qualified borrowers. To qualify for home equity refinancing home loans in El Paso, you must be able to meet the following qualifications for mortgage refinance:
- Maintain Decent Credit – The fewer problems in your credit history, the more trustworthy you are to lenders; however, some credit problems are not always detrimental. The key is to make your credit look as reasonable as possible before applying.
- Sufficient Income – Your lender will use your current income to determine how much should be given to you in a new loan. Lenders will inform you of whether or not your income is sufficient and verify if your debt-to-income ratio is reasonable.
- Sufficient Equity – In most cases, you can ask for a mortgage refinance offer that estimates up to an 80% loan-to-value ratio, although it may be possible to go up higher. This can make it harder to qualify for a mortgage refinance, and you may have to pay mortgage insurance payments.
Why Choose Rocky Mountain Mortgage Company
Rocky Mountain Mortgage Company can guarantee that refinancing any home loans in El Paso will help you balance out your finances and repay your mortgage loan at a lower interest rate. Our home loan specialists are standing by, ready to help you determine if your existing lender or a new lender will approve your refinance request. We will guide you through the process of evaluating your income, credit, equity, and financial situation to determine if you are a good candidate for mortgage refinance. We have over 38 years of experience in the industry and a reputation for honesty, integrity, and building strong customer relationships.
Learn More About Mortgage Loans & Home Refinance
If you’re ready to find out if you qualify for a mortgage loan refinance in El Paso, TX and New Mexico, we can help. Call or contact us online to schedule a free, no-obligation consultation with one of our loan specialists. Our experienced loan officers can help you find solutions that improve your finances, reduce stress, and give you more freedom.
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We have helped more than 26,000 El Paso families realize their dream of HOMEOWNERSHIP.
We have helped more than 26,000 El Paso families realize their dream of HOME OWNERSHIP.