Waco is Texas ’s 26 th largest city. It has 120,465 people living there, and the numbers are growing daily.
The “ Waco ” or “Hueco” tribe originally lived where the city now stands, which is on the west of the Brazos River . It was the Brazos River that led to the town’s early fame, as in 1866, a firm from New Jersey was commissioned to build a 475-foot bridge over the river. This made it the longest spanning bridge west of the Mississippi River . The bridge was finished in 1870, and as one of the first big bridges, it was truly an incredible engineering feat. This was to serve as the blueprint for the Brooklyn Bridge in later days.
Bridges and rivers, though, aren’t the only part of Waco you may know. It is also well-known for its great archaeological finds. In 1978, bones from a species of mammoth said to be 28,000 years old were found in the area. Since then, they have dug up 28 mammoths.
Whether you just love the history or the rough terrain, Waco is a great place to call home. Knowing about your financial options can make your life much easier and we want to help you understand what is out there.
The First Mortgage
When you get ready to start shopping for a home, your first stop should be your lender’s office to get pre-approval. This process will let you know how much you can truly afford in the Waco area. It will also let the home’s seller know that you are truly interested in buying their home. In order to get pre-approved for the home of your dreams, though, you’ll need to submit a bit of paperwork. Bring your W-2 forms and your federal tax returns for the last two years. Your recent pay stubs, cancelled rent checks, and bank statements may also be required. Keep in mind that your lender will probably want to run a credit check while you’re there, but whether your credit is fantastic or you’ve made a few mistakes, there’s probably a home loan for you.
The Refinance
Just because you go through the pre-approval process and buy the home of your dreams, you don’t have to be stuck with your initial mortgage decisions for life. A few years down the road, you might want to consider a refinance loan. This kind of loan replaces your first mortgage. You’ll choose from all of the types of mortgages on the market, and as with your first loan, some paperwork will be required to qualify. Pick a new loan, a new interest rate, and a new term, and you’ll be on your way to the loan and the home of your dreams in one package. Your lender may also offer you the option of cashing out the equity you’ve built up in your home. Equity is the difference between what you owe and what your home is worth, and if getting a check back after you’ve signed your loan papers is appealing, talk with your lender about a cash out option.
The Second Mortgage
Also called a home equity loan, the second mortgage obviously comes after you’ve arranged for your first Mortgage, and your assets stand as security. The amount of your second mortgage is determined on the amount of equity you have in your home. You could take a 2 nd Mortgage for many reasons. Whether it’s that trip of a lifetime or home improvements, a second mortgage is the perfect way to finance them. Moreover, if you choose a second mortgage over a refinance loan, you won’t have to replace the initial rate or term on your mortgage. If you got a great mortgage the first time around, this valuable financial tool may be perfect for you to get the cash you need without changing a thing.
If you’re interested in a mortgage, refinancing or a home equity loan, take a second to fill out the form below. A lender will contact you right away to discuss your personal financing needs.
