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A lot of people in Texas are now considering refinancing their houses as an alternative source of income. With a sudden fall of mortgage rates across all states in the area including Louisiana, Oklahoma, Arkansas, and Georgia it's no wonder why a lot of people are now thinking of applying for a second mortgage. But what exactly is refinancing? Refinancing is the same as your original loan; the only difference is that the funds that you'll get from refinancing your house will be used to pay your first loan. Refinancing your home is an excellent idea especially if you had an adjustable- rate mortgage on your first loan. But how do you refinance your house?
The whole mortgage application process is almost the same to when you first applied for your home mortgage. The first thing that you have to do is apply for a new home mortgage loan with a lender. The lender may either be the current one that you're transacting with or a new one if you prefer.
Then your property will have to get a new appraisal to get an estimate of how much its worth. The lender will then request for a title report on the real estate property to find out if there are any existing liens. Once completed, the lender will then check your credit history, your currently generated income and also your assets to determine whether you qualify for a new home mortgage and to determine the rate that you qualify for.
Once your new mortgage application has been approved, you will then need to sign the new home loan. The money that you get from the new home mortgage will then be used as additional funds to pay off your existing home loan.
Try to work with your real estate agent and mortgage lender to see what what kind of refinance rates you qualify for. If you only have a few years remaining on your existing loan, chances are you won't need to refinance your home for more than a decade. Keep in mind that refinancing isn’t always beneficial to the borrower; it might just be an additional monthly payment on your end if you don't plan carefully.
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