Texas Refinance Mortgage Lender
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 HomeBuyers are Choosing Capital Home Mortgage
Close On Time
Complete Control from Application to Funding
Low Rates & Low Fees
Direct Lender with Competitive Rates and Low Fees
Exceptional Service
7 Day a Week Support Application to Final Mortgage Payment
Dallas 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
Dallas 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
Dallas 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
Dallas 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)
Dallas 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
Dallas 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
Dallas 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
Texas Mortgage Programs
Texas Home Purchase
Thinking of Buying a Texas 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
Texas renovation home loans
Looking to Rehab a Texas 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
Texas FHA Home Loans
Great for 1st Time Texas 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
Texas VA Home Loans
100% Financing for Texas 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
Texas Conventional Home Loans
Flexibility for Texas 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
Texas Jumbo Home Loans
Texas 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
Texas USDA Home Loans
100% Rural Texas 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
Texas Native American Home Loans
Texas 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
Texas Manufactured Home Loans
Great Alternative Texas Housing
Manufactured Home Loans offer options to purchase an existing residence or build your dream home on your own land. Call today to speak to a Loan Officer.
- Existing Purchase or Refinance
- OTC Land/ Home Combo
- Lock Rate Before Completion
- FHA, VA, USDA, & Native Loans
Texas reverse mortgages
Your Texas 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
Texas Non QM Home Loans
Making Texas 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
Texas One Time Close mortgages
Build Your Texas 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
Texas Refinance Mortgage Loans
Texas 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
Texas Cash-out Home mortgages
Texas 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
Dallas Texas Mortgage Team
Dallas Mortgage Company Reviews
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
- 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
