Austin Refinance Mortgage Lender
Austin Rate & Term Refinance
Most borrowers seek to refinance after several years of paying their mortgage. There are many reasons to refinance, but the most popular reason is to get better mortgage terms. It is common for some mortgage applicants to get undesirable mortgage terms on their first mortgage application. Since they don’t have a solid credit history, lenders try to compensate for the risk with higher interest rates and mortgage insurance.
That was a better deal than nothing at the time. However, it doesn’t mean you’ll have to stick to the mortgage agreement until the end. You can renegotiate better terms through refinancing. Capital Home Mortgage offers to refinance mortgage products to existing borrowers in Austin. Speak directly to our refinancing experts to learn more about this program.
Rate & Term Refinancing in Austin
One of the refinancing programs we offer in Capital Home Mortgage is rate and term refinancing. You will want this product if you get a more affordable mortgage agreement. Rate and term refinancing works by giving you a new mortgage loan to pay off the existing one. Hence, you’re paying the old mortgage in full but continue paying the new mortgage.
The most significant benefit of rate & term refinancing is that you have better mortgage terms. For instance, let’s assume your current mortgage is set to 20 years. You can refinance either to a longer term of 30 years or a shorter term of 15 years. If you opt for a longer term, you’ll have smaller monthly amortization payments, but it’ll take longer to finish the mortgage. On the other hand, shortening the term subjects you to higher monthly payments.
Another reason some use rate and term refinancing is to take advantage of interest rate trends. If interest rates are decreasing, you can refinance to get lower rates. Differences in percentage points can translate to hundreds of dollars of interest savings. Lower interest rates mean that monthly amortization payments will be lower as well.
Lastly, refinancing is one way of eliminating mortgage insurance. If you reach a certain home equity percentage, you can request to remove mortgage insurance upon reaching 20 percent home equity. Refinancing to eliminate mortgage insurance is highly effective on homes that have experienced significant increases in value over time.
Requirements for Rate & Term Refinancing
Generally speaking, the required credit score for refinancing is 620. This score is typical for conventional refinancing. Conventional refinancing would be fine if you have a good payment history. Other refinancing programs are from FHA and VA.
These government-backed refinancing programs can accept borrowers with credit scores lower than 620. However, you can only refinance with FHA if your current mortgage is an FHA loan. VA refinancing has more unique benefits, and it’s best to speak to our loan specialist about VA refinancing.
Refinance Your Austin Mortgage Today
At Capital Home Mortgage, we pride ourselves on giving our clients an easy and painless application process. Refinance your mortgage in Austin with us today. Call (512) 237-7400 to get started.
Why Austin 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
Austin 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 mortgage Securities
- Property securing the mortgage
- occupancy of the property
- Loan to value of the property
- Borrower’s credit worthiness
Austin 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 Streamline Refinance
- VA IRRRL Rate & Term
- Streamline Option
- No Appraisal Required
- No Income Verification
VA Standard Refinance
- Cash-Out or Loan Conversion
- Full Documentation
- Appraisal Required
- Income Verification Required
Austin 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
Austin 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 & Flexible Terms
- Maximum Loan Amount – $766,550
- High Balance (Varies By County)
Austin 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
Austin 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
Austin 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
Austin Mortgage Programs
Austin Home Purchase
Thinking of Buying an Austin Home?
Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.
- Primary, Secondary, Investment
- FHA, VA, USDA, Native American
- Conventional, Jumbo, Non QM
- Reverse, Renovation, Manufactured
Austin renovation home loans
Looking to Rehab an Austin Home?
Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan? Purchase the Perfect Home and make it your own. Call today.
- Remodel, Renovate or Repairs
- FHA 203K Streamline or full
- fannie mae homestyle reno
- freddie mac home choice reno
Austin FHA Home Loans
Great for 1st Time Austin Homebuyers
FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket. Call today to get started.
- Smaller Down Payment
- Flexible Underwriting
- Higher Debt to Income Ratios
- Lower Credit Scores OK
Austin VA Home Loans
100% Financing for Austin Veterans
Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.
- Simply Qualifying for Veterans
- No Down Payments Requirements
- Lower Credit Scores Accepted
- Manual Underwriting Allowed
Austin Conventional Home Loans
Flexibility for Austin Homebuyers
Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.
- Primary, 2nd Home, Investment
- Great Rates & Low Fees
- Single Family and Multi-Family
- Renovation Loan Programs
Austin Jumbo Home Loans
Austin Non Conforming Loans
Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits. Call today to speak to a loan officer.
- Primary Residence and 2nd Homes
- Higher Loan Amounts – 3 Million
- Great Interest Rates
- Investor Specific Guidelines
Austin USDA Home Loans
100% Rural Austin Home Loans
USDA Loans are a great option for families wanting to live outside of the city. Call today to speak with a loan officer to discuss your personal loan options.
- Rural Properties Only
- Primary Residence Only
- Geographic Restrictions
- Income REstrictions
Austin Native American Home Loans
Austin HUD 184 Home Loans
HUD 184 Home Loans are solely for Native American and offer a variety of benefits. Call today to speak with a loan officer to find out more.
- Primary Residence Only
- Manual Underwriting for All Loans
- No Credit Score Requirements
- Tribal Grants Allowed
Austin reverse mortgages
Your Austin Home at Work
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
- simple qualifying – equity based
- credit scores not applicable
- Minimum age 62
Austin Non QM Home Loans
Making Austin Mortgages Possible
Looking for Non Traditional Home Mortgage Loan? Contact a Loan Officer Today to discuss the alternative mortgage options currently available.
- Purchase, Rate and Term & Cash-out
- Primary, Secondary and Investment
- Full Doc & Bank Statements Programs
- Corporations OK
Austin One Time Close Home Loans
Build Your Austin Dream Home
Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan. Call today to see how a OTC loan works.
- Primary Residence Only
- Close Once
- Lock Rate at Contract
- Traditional Final Mortgage
Austin Refinance Mortgage Loans
Austin Rate & Term Refinance
Refinancing can be a hard decision and the payback can sometimes be confusing. Call today and let our Loan Officers walk you through the process.
- Reduce Mortgage Term
- Lower Monthly Payments
- Appraisal Waivers
- Streamline Options Available
Austin Cash-out Home mortgages
Austin Equity Mortgage Loans
Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.
- Debt Consolidation
- Investment Opportunities
- Home Improvement
- Vacation or Education
Austin Texas Mortgage Team
Austin Mortgage Company Reviews
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Capital Home Mortgage is Powered by Canopy Mortgage, LLC NMLS # 1359687 | www.nmlsconsumeraccess.org | Equal Housing Opportunity | All information contained herein is for informational purpose only and, while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs, and underwriting policies are subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans are subject to underwriting approval. Some products may not be available in all states and restrictions apply. Not an offer to extend credit or a commitment to lend. Terms subject to change without notice. Not all branches or MLO’s are licensed in all states.