REfinance Mortgage Lender Birmingham Alabama
Birmingham Alabama Rate & Term Refinance
A rate and term refinance is a type of mortgage refinancing in which the borrower modifies the terms of their current mortgage loan. The goal is to obtain better loan terms, such as a reduced interest rate and/or a different loan duration, by replacing the existing mortgage agreement with a new one. Refinancing involves paying off the existing mortgage and then making payments on the new loan. A rate and term refinance aims to enhance the borrower’s financial standing by swapping their current mortgage for a new one with better terms.
The interest rate, monthly payments, and term length of the mortgage can change during a rate and term refinance, and the borrower may be required to have a specific credit score and debt-to-income ratio to qualify. The refinance loan features a new (preferably lower) interest rate and a new mortgage term, such as additional 30 years or 15 years. Refinancing permits the borrower to modify the interest rate and/or loan term, resulting in a new mortgage that pays off the current one.
The purpose of a rate and term refinance is to obtain better loan terms by replacing the existing loan with a new mortgage agreement with more favorable numbers and financing terms. This is the most prevalent form of refinancing.
Benefits of Refinancing Your Current Mortgage
Refinancing a mortgage can offer numerous advantages. Here is a summary of the benefits of mortgage refinancing:
- Lower Interest Rate: Refinancing can help you obtain a mortgage with a lower interest rate, resulting in lower monthly payments. This can yield significant savings over the loan’s lifetime.
- Refinancing with the same term as the original mortgage or extending the payoff date can result in reduced monthly payments.
- Refinancing to a shorter mortgage term (e.g., 30 to 15 years) can help you pay off your home debt more quickly.
- Refinancing can reduce your mortgage rate, allowing you to create equity in your property more quickly.
- Refinancing can enable you to consolidate debt from different sources, making it easier to manage your finances.
It is essential to examine the fees associated with refinancing and evaluate if it makes sense for your financial circumstances, as refinancing is not always advantageous.
Bottom Line: Refinancing Your Home Can Make It Work For You
When the time comes, refinancing is an excellent method to use your home as a financial asset. To save money in the long run, you can change your loan term, receive a better interest rate, and switch loan types. Alternatively, cash out your home equity and use the money as needed.
Apply For a Birmingham Rate & Term Refinance
Capital Home Mortgage Birmingham can help Birmingham Alabama residents who qualify modify their rates and loan terms. Call (205) 352-1030 to talk with a professional loan officer about refinancing your Birmingham Alabama mortgage rate and term.
Why Birmingham HomeBuyers are Choosing Capital Home Mortgage
Close On Time
Complete Control from Application to Funding
Low Rates & Low Fees
Direct Lender with Competitive Rates & Low Fees
Exceptional Service
7 Day a Week Support Application to Final Mortgage Payment
Birmingham Alabama Mortgage Rates
Have you ever wondered why interests rates are what they are and what determines the final rate? Why borrowers receive different interest rates? Or why rates go up and down? Interest Rates are calculated using several factors.
- Demand for the mortgage Securities
- Property securing the mortgage
- occupancy of the property
- Loan to value of the property
- Borrower’s credit worthiness
Birmingham VA refinance Home Loans
Proudly Serving Active Duty, Retired and Disabled Veterans to Save Money. Call today to speak to a VA loan officer.
VA Standard Refinance
- VA IRRRL Rate & Term
- Streamline Option
- No Appraisal Required
- No Income Verification
VA Streamline Refinance
- Cash-Out or Loan Conversion
- Full Documentation
- Appraisal Required
- Income Verification Required
Birmingham FHA Refinance home Loans
FHA offers a streamline refinances that simply reduces the interest rate and lowers the payment or shortens the term of the loan. This rate and term option can be fully documented loans, or can be reduced documentation. The other FHA option is a cash-out refinance allowing homeowners the ability to access the equity in the property.
FHA Standard Refinance
- Appraisal Required
- 97.75% Max Loan to Value
- Closing Costs Can Be Rolled In
- 80% Max Loan to for Cash-out
- Cash-out Option Available
- County Loan Limits Apply
FHA Streamline Refinance
- FHA to FHA
- No Income Qualification
- No Appraisal Required
- Closing Costs Cannot Be Rolled In
- No Lates on Mortgage in Last Year
- Payment Must Drop on Fixed Rates
Birmingham Conventional Refinance Loans
Conventional Refinance Loans are used for more refinances than any other type of mortgage loan. This is due to Conventional loans allowing for all occupancy and property types and typically don’t require any mortgage insurance due to loan to value requirements. Conventional mortgages due require higher credit scores but offer better rates.
- Freddie Mac or Fannie Mae Insured
- Primary, 2nd or Investment Homes
- Single and Multi Family
- Condo’s and Manufactured Homes
- Mortgage Insurance Options
- Lower Rates & Fleixble Terms
- Maximum Loan Amount – $715,000
- High Balance (Varies By County)
Birmingham Native American Refinance Loans
HUD 184 Refinance Home Loans can streamline rate & term, equity cash-out, or Rehabilitation of current residence.
Cash-Out or Renovation
- Appraisal Required
- 97.75% Max LTV for Rehab
- 85% Max LTV for Cash-out
- County Loan Limits Apply
Streamline Refinance
- HUD 184 to HUD 184
- No Income Qualification
- No Appraisal Required
- No Mortgage Lates in Last Year
Birmingham USDA Refinance home Loans
USDA Loans Can only be USDA to USDA, meaning you must have a current USDA loan to refinance the loan either as a rate and term or cash-out or renovation.
USDA Non Streamlined
- Appraisal / Income Documents
- Max LTV Equal to Appraisal
- Closing Costs Can Be Rolled In
- County Loan Limits Apply
USDA Streamline Refinance
- No Appraisal / Income Docs Required
- Closing Costs Can Be Rolled In
- No Lates on Mortgage in Last Year
- Payment Must Drop on Fixed Rates
Birmingham Reverse Mortgage Refinance
Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.
- Primary Residence Only
- 62 Years or Older
- Required Hud Counseling
- Homeowners Insurance Required
- Must Continue to Pay Taxes
- Meet Required Equity Values
Birmingham Mortgage Programs
Birmingham Home Purchase loans
Looking to Purchase a Birmingham Home?
- Primary, 2nd Home, Investment
- Low Rates & Fees, No fee Options
- FHA, VA, USDA, Native American
- Conventional, Jumbo & Renovation
- Manufactured, Construction, Reverse
Birmingham Renovation Home Loans
Looking to Rehab a Birmingham Home?
- Remodel, Renovate or Repairs
- FHA 203K Streamline
- FHA Full Documentation Rehab
- Fannie Mae Homestyle Reno
- Freddie Mac Home Choice Reno
Birmingham FHA Home loans
Great 1st Time Birmingham Homebuyers
- Smaller Down Payments
- Flexible Underwriting Guidelines
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Down Payment Gifts Allowed
Birmingham va Home Loans
100% Financing for Birmingham Vets
- No Mortgage Loan Limits
- Simple Qualifying
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Manual Underwriting Allowed
Birmingham Conventional Home loans
Flexibility for Birmingham Homebuyers
- Primary, 2nd Home, Investment Properties
- Single and Multi-Family Properties
- Variable Mortgage Insurance Options
- Low Rates & a Variety of Mortgage Terms
- Renovation Programs Available
Birmingham Jumbo Home Loans
Birmingham Non-Confirming Home Loans
- Primary & 2nd Homes
- Variety of Mortgage Programs
- Simple Qualifying for Veterans
- Investor Specific Guidelines
- Credit Score Minimums
Birmingham USDA Home loans
100% Rural Birmingham Home Loans
- Primary Residences
- No Down Payment Required
- New Manufactured Homes Allowed
- Closing Costs / Repairs Rolled In
- Geographic and Income Limits Apply
Birmingham Native american Home Loans
Birmingham Hud 184 Home Loans
- Primary Residence Only
- Manual Underwriting for All Loans
- No Credit Score Requirements
- Tribal Grants Allowed
- Purchase, Refinance, and Renovation
Birmingham Manufactured Home loans
Great Alternative Birmingham Housing
- Existing Purchase or Refinance
- New Construction
- One Time Close Land/Home Combo
- Lock at Contract
- FHA, VA, USDA, Native American
Birmingham Reverse Mortgage Loans
Your Birmingham Home at Work
- Primary Residence Only
- Simple Qualifying – Equity Based
- No Credit Score Requirements
- Minimum Age 62
- Purchase, Refinance, and Cash-Out
Birmingham Non QM Home loans
Making Birmingham Mortgages Possible
- Purchase, Refinance & Cash-out
- Primary, Secondary, Investment Properties
- Full Doc Programs
- Alt Doc Programs
- Corporations OK
Birmingham One Time Close Home Loans
Build Your Birmingham Dream Home
- Primary Residences Only
- One Time Close
- Lock Rate at Closing
- Traditional Final Mortgages
- No Payments During Construction
Birmingham Refinance Mortgage loans
Birmingham Rate & Term Refinance
- Lower Monthly Payment
- Shorten Mortgage Term
- Streamline Options Available
- Appraisal Waivers Allowed
- VA IRRRL’s
Birmingham Cashout Mortgage Loans
Birmingham Equity Mortgage Loans
- Debt Consolidation
- Investment Opportunities
- Home Improvement
- Dream Vacation
- Higher Education
