Am I able to Refinance?

The answer is typically yes. One of the most important determining factors on whether or not you will qualify for a refinance loan is whether you have enough equity in the home at time of refinancing. Another important factor will be you past 12month payment history on the home loan. Although past late mortgage payments may not derail the possibility of a refinance it will play a factor.

If you have very little equity in the home ask about HomeStart’s “NO COST” refinancing option. HomeStart will pay all of your closing cost and reduce the amount of equity required to complete the refinancing. For example, assume your current loan balance is $200,000, HomeStart will pay for all associated closing costs to complete the refinancing and your resulting new loan will remain unchanged.

Closing costs can also be rolled into the new loan to avoid out-of-pocket costs at closing. There are pros and cons to each option so be sure to consult your HomeStart loan officer to understand which option will best suit your needs.

I you are thinking about refinancing, please give us a call at 281-569-2730 and let us help you determine if a refinance is right for you at this time.

If you are ready to apply, you may do so by phone or Apply online.