FAQs for Home Owners
Can closing costs be rolled into my loan if I refinance?
All of your costs can be included in your loan amount on a refinance program. A notable exception to this is if you are doing a streamline refinance, or if your equity is not large enough to accommodate these costs. Sometimes it is preferable to do a no-cost refinance. It is our job to help you through this decision process. We'll provide the tools to evaluate the tradeoff between rolling in costs, lender credits, or both.
How can I use equity in an existing home toward the purchase of a new home?
There are several ways to use your equity to buy a new home. The most common ways to obtain your equity are bridge loans, second mortgages, home equity lines of credit, or trade equity. Costs for each option vary and has a different impact on your qualifications. In Texas, bridge loans are not legal, and Texas Law (and agency underwriting standards) prohibit having two owner occupied loans at the same time. With that said, you are not prohibited from taking cash out of your primary residence (limit 80% LTV in Texas) to use as a down payment for a second home.
How do I go about listing my home?
Listing your home is easy! The hard part of listing comes with choosing the right agent to market your home and keep YOUR best interests in mind. We work with most of the top agents in our market area and would be glad to recommend a qualified agent.
Should I lock in?
This is the hardest part of any transaction -- knowing when rates are at their best. If current rates suit your needs, locking in your loan will protect you from any rise in rates, and would be recommended. Unfortunately, nobody can tell you what rates are going to do. The best we can do is help you identify at what rate it might make sense for you to lock in, and what economic reports are coming out that may impact the market.