Guide to Refinance, Mortgage,
& Home Equity Loans in
Socorro, Texas (TX)

If you are a homeowner in Socorro, Texas and are in need of some extra cash you might want to explore the possibility of either a home equity loan or a refinance loan. Both of these options are great ways to help you with your financial situation.

Home Equity Loans

Home equity loans work best for those homeowners who have lived in their homes for a while, as the longer you live in your home, the more equity you build up. You can use this equity to borrow money. Equity is the difference between the value of your home and the amount you still owe on the loan. Home equity loans are typically available with a low interest rate and have shorter terms than a first loan. You have two options with this loan. You can choose to get a line of credit or a lump sum. Either way, you only pay interest on the amount you borrow. You can use the equity you have earned to help pay off your bills or purchase a new car.

Refinance Loans

A refinance loan is a loan that you must qualify for that will pay off your existing loan. Most people refinance because it will allow them to get a lower mortgage payment. This is accomplished by lowering your interest rate, changing your term, switching your mortgage type. This loan will require you to go through the same loan process that you did to get your first loan. You will have money left over each month because of the lower mortgage payment, which can be used to pay education expenses, medical bills, or help start up a new business.

Mortgages

What if you are in need of a mortgage to purchase a new house? It will help to have an experienced loan officer on your side. When you meet with your loan officer, you will be asked a lot of questions. All of the information that you provide will help determine your financial situation, which will help determine what type of loan you will qualify for. You will also need to fill out a loan application. Your employment history, credit history, bank accounts, tax records, and housing expenses will also be required. Your loan officer will use all of this information to get the loan process started. Your employer will receive a verification of employment form and your banks will receive verification of deposit forms. The loan process will take approximately 3 to 4 weeks, as the information needs to be verified in writing.

Mortgage Types

Your loan officer will also explain the many mortgage types available to you in Socorro, Texas. These will include fixed rate and adjustable rate, the two most common mortgage types. A fixed rate mortgage has the advantage of a stable mortgage payment for the duration of the loan. Since the interest rate is set, your mortgage payment will never increase. An adjustable rate mortgage has the possibility of fluctuating mortgage payments as the current interest rate at the time of an adjustment period is applied. This mortgage can be affected by the economy. Other mortgage packages available will also be explored, and your loan officer will help you find what is right for you and your family.

Closing

You will receive the date for closing after your loan has been approved. It is at this meeting that you will purchase your home. You will sign your name to many documents at this meeting. These will include the Truth in Lending statement, the note, and the mortgage itself. Do not hesitate to ask questions so that you understand what you are signing. A few days before this meeting, you will be able to find out the exact amount of your down payment and closing costs. You will need to get a certified check to make this payment. When all the documents have been signed and your payment has been made, you will finally own your home.

Contact our office today by filling out the form below. One of our knowledgeable loan officers can discuss your mortgage, refinance or home equity loan options in Socorro, Texas.

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