Mortgage Refinance in El Paso
Refinancing your mortgage can save you thousands of dollars by replacing your existing loan. Our experienced loan officers will help you find a new mortgage that better suits you. Mortgage refinancing involves taking out a new loan to pay off your original loan, enabling you to pay off your loan at a faster and less stressful pace. Rocky Mountain Mortgage is here to provide homeowners with mortgage refinance services allowing them to take advantage of lower interest rates, cash out a portion of their equity, and reduce monthly payments with an extended repayment term. Rocky Mountain Mortgage Company can provide you with the equity and repayment plan that best benefits you.
How to Qualify for Mortgage Refinancing
Mortgage refinancing options are strictly reserved for qualified borrowers. To qualify for home equity refinancing loans, one must be able to meet the following:
Maintain decent credit
The fewer problems in your credit history the more trustworthy you appear, problems are not always detrimental. Some home loan programs will allow you to borrow a home loan within one or two years of bankruptcy, but it is key to make your credit look as responsible as possible.
It is important to consider how much should be borrowed for a new loan based on your income. If you are unclear if your income will be sufficient, then a loan officer can help verify if your debt-to-income ratio is adequate.
In most cases, you can ask for a mortgage refinance 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.
We Offer Different Types of Mortgage Refinanced Loans
From lowering your monthly payments to building your home’s equity, there are a variety of refinance loan programs that you can choose from here at Rocky Mountain Mortgage Company which include the following:
Rate-and-Term Refinance Loans
This refinance program is the most popular for homeowners because 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 monthly payment during the time of a loan. The monthly principal and interest payments are typically higher than a long-term loan but it also protects the borrower from increases in interest rates.
Contact the Rocky Mountain Mortgage Company
Rocky Mountain Mortgage Company can guarantee that refinancing your loan will help you balance out your finances and help you repay your mortgage loan at a more efficient rate. Contact Rocky Mountain Mortgage Company to learn more about how to sign up for mortgage refinance.
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We have helped more than 20,000 El Paso families realize their dream of HOMEOWNERSHIP.
We have helped more than 20,000 El Paso families realize their dream of HOME OWNERSHIP.