Capital Home Mortgage Killeen

Killeen Mortgage Refinance

What is the Purpose of your Killeen Mortgage Refinance

Killeen Rate and Term Refinance

Your current mortgage terms might be unfavorable due to high-interest rates and mortgage insurance. But that doesn’t mean you should stick with those arrangements for the rest of the mortgage’s term. 

In mortgages, there’s a practice called refinancing. Under a refinancing agreement, you’re getting a new mortgage to replace an existing mortgage. Many borrowers refinance their mortgages after paying for several years to take advantage of more favorable times. 

At Capital Home Mortgage, we offer rate and term refinance. It’s the most basic refinancing agreement recommended for borrowers looking to lower their interest rate, shorten their loan term, or reduce their monthly payments. Contact our Killeen loan officers to get started with the application.

What is a Rate & Term Refi?

Rate and term refinance is a refinancing agreement that allows borrowers to change the terms of the current mortgage to a favorable term. Under this agreement, you pay off the existing loan with a new one. If the outstanding balance is $300,000, you’ll refinance it by getting a new loan for $300,000. If you’re considering borrowing more than the principal, you should apply for cash-out refinancing. We also offer that product here at Capital Home Mortgage.

Rate and Term Refinance Basics

Rate and term refinancing won’t allow you to borrow money greater than the existing loan’s principal balance. However, you can negotiate the terms of the new mortgage. Most borrowers refinance because they want to lower the loan’s interest rate. Borrowers often get high-interest rates on the first mortgage because of low credit scores or down payment. But as they pay their mortgage on time, borrowers’ credit scores will increase.

Some borrowers refinance because they want to extend the payment term. A longer payment term reduces monthly mortgage payments. You might not mind a longer payment term if you prefer lighter monthly amortizations. Refinancing can help restructure your payment schedules. 

Requirements of Rate and Term Refinance

Requirements differ depending on the product you choose. Rate and term refinancing exists in mortgage products like FHA, VA, and conventional loans. If you decide on VA refinancing, you only need a credit score of at least 580 to qualify. Higher down payment may be required if your credit score is 500. For VA borrowers, the VA refinancing program is made through the Interest Rate Reduction Refinance Loan or IRRRL.

Before you apply for refinancing, you must first secure if you have at least 20% equity in your home. Some lenders may impose higher home equity percentages, but 20% is a minimum benchmark.

Refinance Your Loan with Capital Home Mortgage

Apply for refinancing to get better mortgage terms and lower interest in Killeen. Capital Home Mortgage’s direct mortgage lending program lets us give you the best mortgage deals since we handle your application directly until it gets approved. Be part of the many clients that enjoyed our service today. 

Call us now at (254) 213-7343 to learn more about rate and term refinancing in Killeen. 

Why Killeen is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Killeen Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Killeen Customer Service

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

Killeen Mortgage Rates

Capital Home Mortgage Killeen is dedicated to offering Great Killeen 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

Killeen 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

Killeen VA Home Refinance Loan

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

Killeen 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

Killeen 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

Killeen 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

Killeen 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

Killeen 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 Killeen Mortgage Programs

Killeen 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

Killeen Mortgage Company Reviews