Capital Home Mortgage Dallas

Dallas Mortgage Refinance

What is the Purpose of your Dallas Mortgage Refinance

Dallas Rate and Term Refinance

A friend or relative says it’s wise to refinance your mortgage after building enough equity in your home. Refinancing is a wise decision if you want to get a better mortgage term. Some borrowers get expensive mortgages because of credit history, additional mortgage insurance, or low credit scores. But after paying consistently and avoiding late payments, they gradually build a good credit score and history.

Rate and term refinancing is one of the products you can get today, especially if you’re in the mortgage market to get a better term. Capital Home Mortgage offers rate and term refinancing to existing mortgagors. Reach out to our mortgage specialists to discover your refinancing options. If unsure, here’s a primer for rate and term refinancing.

What is a Rate & Term Refinance

Rate and term refinancing is an agreement wherein the borrower applies for a new mortgage to replace the existing one. As the name suggests, this refinancing program gives the borrower a lower rate and a better term. You can either extend the loan term or reduce it. Extending the loan term is better if you need more flexibility in monthly mortgage payments. On the contrary, reducing the loan term is better if you want to pay your mortgage faster.

Rate and Term Refinance Basics

In a rate and term refinance, you simply replace the existing mortgage with a newer mortgage agreement. The new deal will have a lower interest rate and a better loan term. For example, let’s say you have a $600,000 mortgage loan with an outstanding balance of $432,660. By choosing a rate and term refinance, you’ll get a new mortgage loan for $432,660 but negotiate a lower interest rate and a different loan term.

So if the current interest rate is six percent per annum, you can negotiate with the lender to give you a rate lower than six percent. Moreover, you can ask the lender to provide you with interest rate options based on the maturity date. 

Requirements of Rate and Term Refinance

Rate and term refinancing can vary depending on the product. In conventional refinancing, you’ll be subject to the requirements of conventional loans. Your credit score must be at 620 and a minimum payment of 20 percent to skip mortgage insurance. Alternative refinancing is government-backed programs like FHA and VA.

FHA refinancing can be more liberal because lenders can accept borrowers with credit scores as low as 500. However, the ideal credit score is 580. For VA refinancing, VA borrowers enjoy zero down payment and flexible credit score requirements. To know which product to choose, speak with Dallas mortgage specialists to walk you through the different mortgage products for rate and term refinancing.

Apply for a Rate and Term Refinance Today

At Capital Home Mortgage, we strive to deliver a streamlined loan process. We’ll help with your rate and term refinance application from start to finish. Call (214) 372-0015 and refinance your mortgage in Dallas with us today.

Why Dallas is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Dallas Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Dallas Customer Service

7  Day a Week Support from Application to Final Mortgage Payment. 

Dallas Mortgage Rates

Capital Home Mortgage Dallas is dedicated to offering Great Dallas Mortgage Rates.

Call now to speak with a Loan Officer or request a no obligation custom rate quote.

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

Dallas 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

Dallas 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

Dallas 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

Dallas 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

Dallas 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

Dallas 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

Dallas 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 Dallas Mortgage Programs

Dallas Texas Mortgage Team

Conor Hayhurst

Managing Director
NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

Chris Erwin

Loan Officer
NMLS 914064

Dale Gremillion

Manager
NMLS 210325

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