Mortgage Refinance in El Paso
Refinancing your El Paso home loans can save you thousands of dollars by replacing existing debt. Our experienced loan officers will help you find a mortgage that best suits you, enabling you to pay off your loans at a faster and less stressful pace. 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.
Rocky Mountain Mortgage Company provides mortgage refinance services that let you take advantage of lower interest rates, cash out a portion of your equity, and reduce your monthly payments with an extended repayment term. Rocky Mountain Mortgage Company can provide you with an 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 home loans in El Paso, one must be able to meet the following:
Maintain decent credit
The fewer problems in your credit history, the more trustworthy you can come off to lenders. Problems are not always detrimental. Some programs will allow you to borrow El Paso home loans within one or two years of bankruptcy. It is key to make your credit look as reasonable as possible.
Sufficient income
It is important to consider how much should be given in a new loan based on your income. Lenders will inform you of whether or not your income is sufficient. Lenders will also verify if your debt-to-income ratio is reasonable.
Sufficient equity
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 is a variety of refinance programs that you can choose from for your El Paso home loans, which includes the following:
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 monthly payment during the time of a loan. The monthly principal and interest payments are typically higher than a long-term loan. It also protects from increasing interest rates.
Contact 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 help you repay your mortgage loan at a more efficient rate. Contact Rocky Moutain 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.
