Refinance Your Mortgage With Texas Farm Credit
Purchasing a home is often the greatest investment Texans make in their lives. The opportunity to have a place to call home and own it outright far outweighs the mortgage, right? If you’re unhappy with your current mortgage terms or life throws a curveball and you need more cash on hand, refinancing your mortgage may be a great option for you.
Benefits of Refinancing:
- Lower your monthly payments when you refinance to a longer-term
- Take a shorter term to save money in interest and pay off your home sooner
- Possibility for lower interest rate than when you first signed your loan, reducing the amount you owe each month
- Tap into the equity you’ve built in your home and get much-needed cash in hand when you apply for a cash-out refinance
- Refinance a current property and purchase additional adjoining acreage to the loan (five-acre minimum and must be a second home)
Apply For A Home Mortgage Loan
Inquire about our home loans to kickstart your prequalification process with zero obligation. Contact one of our Texas Farm Credit lenders to explore mortgage or refinancing possibilities customized for your needs.
A refinance replaces your existing mortgage with a new loan. It can allow you to change your mortgage term, interest rate, or take cash out of your home’s equity.
TFC Home Mortgage Refinancing Features
Get in touch with one of our lenders to discover mortgage refinancing that fits your needs. As a member of Texas Farm Credit, you can take advantage of our lending features:
- Competitive rates
- Terms up to 30 years
- No acreage restrictions
- Retain ag exemptions
- Financing for barndominiums and manufactured homes
Frequently Asked Questions: Mortgage Refinance
Our knowledgeable and personable mortgage loan officers have all the answers to your refinancing questions, and can help you on your way to refinance approval. Here are their answers to some of the questions they’re often asked.
Yes, you can absolutely refinance a mortgage in Texas. An important thing to consider when refinancing a mortgage in Texas is your goals: Do you want to lower your monthly payments or get more aggressive about paying your loan off? You can also look at leveraging your home and pulling cash out of the property.
The average cost to refinance a mortgage in Texas is 2% to 6% of your loan amount. The cost to refinance a mortgage in Texas depends on a number of factors including the size of your loan, the applicants’ credit score, your available home equity, the mortgage term, and the mortgage type.
The first step when you want to refinance your home in Texas is to find a lender who will help you through the refinance. Because your refinance will completely replace your current loan, you can choose any lender you want. It is best to ask refinance experts that will match you with the best loan product for your situation and help you through the process.
Refinancing your home in Texas will initially hurt your credit score, but it will help it in the long run because you will be lowering your debt amount and your monthly payments; two things that lenders like to see. If you continue to make your payments on-time, then your credit score will recover and may rise over time.