Capital Home Mortgage Brownsville

Brownsville Mortgage Refinance

What is the Purpose of your Brownsville Mortgage Refinance

Brownsville Mortgage Refinance Loans

If you want to convert your home equity into cash, reduce your mortgage payments, or get a lower interest rate, consider refinancing your home loan. Below, we discuss how refinancing works and its many benefits to help you decide whether mortgage refinancing is a good option.

What is Refinancing?

Loan refinancing is obtaining a new loan to pay off one or more existing loans. When you refinance your mortgage, you replace your current mortgage with a new loan. Borrowers typically refinance to secure lower interest rates or to reduce their monthly payments. Moreover,  debtors struggling with loan repayment can use refinancing to lengthen their loan term and reduce the monthly payment.

The majority of people refinance when their homes gain equity. This means that the property’s value exceeds the amount owed to the mortgage company. Refinancing is an appropriate option for sustaining cash for home renovations, debt payments, or business-related pursuits. You must gather the necessary documents and apply, subject to lender approval.

Types of Mortgage Refinance Loans in Brownsville

Planning to refinance your home loan? Here are four options to consider when refinancing your mortgage:

     1. Rate and Term Refinance. 

The rate and term refi is an excellent option for homeowners who want to change the interest rate on their mortgage, the length or duration of their loan, or both. In most cases, it has lower interest rates than cash-out refinancing.

     2. Cash-out Refinance. 

In a cash-out refinance, you convert a portion of your equity into cash. When the value of a home increases, the homeowner can refinance the property to access funds for other purposes. You may use the money for whatever you desire.

     3. HELOC Refinance. 

Home Equity Line of Credit (HELOC) allows you to borrow money against the equity in your home, but you can only take out what you need and withdraw more funds if the situation calls for it.

Benefits of Refinancing Your Home

Are you still wondering if refinancing your home is a good idea? Check out these benefits of mortgage refinancing: 

– Lower mortgage payments 

Refinancing your home loan can reduce your monthly mortgage payment and gain more financial flexibility. You can save money for other expenses or pay off your loan faster.

– Eliminate PMI

You can get rid of your private mortgage insurance, or PMI by refinancing. When the value of your home increases sufficiently, or when you get more than 20 percent equity on your loan, you can refinance your loan to stop paying PMI and lower your monthly payments.

– Change from adjustable to a fixed-rate mortgage.

You can optimize your loan further by switching from an adjustable to a fixed-rate mortgage. Fixed-rate mortgages are more secure because the payments remain constant and are not subject to fluctuation.

– Reduce the loan term

You can also refinance your property to shorten the term of your loan. It is a viable and appealing option for those who want to pay off their mortgage and get out of debt sooner.

– Invest in projects and pay off debt

Refinancing can give you funds for larger projects such as home improvements. You can also use it to pay off debts such as credit cards, personal or car loans, and other high-interest obligations.

Should You Refinance?

Refinancing is a good option if your property has significant equity or the new interest rate is dramatically lower than your current mortgage. However, refinancing may not be the best choice if you only have five years left on your existing loan.

Before you refinance your home, you should consider running the numbers or seek professional advice. As appealing as it is, refinancing still carries financial risks if it is not carefully thought out and planned.

Contact us at (956) 307-3422 for more information about our mortgage products and other services. Capital Home Mortgage is just a call away!

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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

Brownsville FHA Home Refinance Loan

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. (Not Allowed in Texas)

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

Brownsville VA Home Refinance Loans

VA Home Mortgages offers two types of refinances. The first is an Interest Rate Reduction Loan known as an IRRRL, which is a VA loan to VA loan.  The second is full documentation as rate and term or cash-out. The IRRRL is the most popular refinance as it requires no income verification, no appraisal, requires that the mortgage payments have been paid on time for the past 7 months and that there is a tangible benefit for the veteran.  Second is a full documentation loan requiring income verification and an appraisal.  This can be either a rate and term conversion from another type of mortgage program or a cash-out of equity. (Texas Excluded)

VA Home Refinance

    • Appraisal Required
    • Closing Costs Can Be Rolled In
    • 90% Max Loan for Rate and Term
    • Cash-out Option Available
    • Primary Residence Only

VA Streamline Refinance

  • VA to VA
  • No Appraisal Needed
  • No Income Documentation Needed
  • Reduced Funding Fee – Financed
  • Primary and Investment Properties

Brownsville USDA Home Refinance Loan

USDA Home Mortgages offer only USDA to USDA refinancing. All USDA program guidelines still apply including the geographical and income restrictions.

  • Rural Properties Only
  • Primary Residence Only
  • New Manufactured Homes Allowed
  • Closing Costs & Repairs Can Be Rolled In

Brownsville Conventional Home Refinance

Conventional Home Mortgages offers refinancing with higher loan limits and offers more options but require full documentation for income assets and usually an appraisal unless a property inspection wavier is granted.
    • Primary, Secondary & Investment Properties
    • Single Family, Duplex, Tri and 4-Plex
    • Rate and Term
    • Cash-Out Equity
    • Loan to Value Restrictions Apply
    • County Loan Limits Apply

Brownsville Jumbo Home Refinance Loan

Jumbo Home Mortgage refinancing requires the same higher credit standards and equity that purchase transactions require. 

  • Up to 3 Million Loan Amounts
  • Up to 90% Loan to Value (Credit Restrictions Apply)
  • Base Loan Amounts Varies by State and County
  • Subject to Investor Requirements

Brownsville Reverse Mortgage Refinance Loan

Covert a Traditional Mortgage into an Equity Line… Stop Monthly Mortgage Payments.

  • Primary Residence Only
  • Simple Qualifying – Equity Based
  • Credit Scores Not Applicable
  • Minimum Age 62

Brownsville Native American Refinance Loan

Native American Home Loans have 3 types of refinances available, Full Documentation, Streamline and Rehabilitation. 

Native American Renovation Refinance

  • Appraisal Required
  • 97.75% Max Loan to Value
  • Closing Costs Can Be Rolled In
  • 85% Max Loan to for Cash-out
  • Cash-out Option Available
  • County Loan Limits Apply

Native American Standard Refinance

  • HUD 184 to HUD 184
  • 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
Not Sure? Take a Look at Other Brownsville Mortgage Programs

Brownsville Texas Mortgage Team

Conor Hayhurst

NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

chris erwin

Sr Loan Officer
NMLS 914064

Dale Gremillion

NMLS 210325

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