Capital Home Mortgage Midland

Midland refinance Home Loans

Midland Refinance Mortgage Lender

Midland Rate-and-Term Refinance

In the process of repaying your Midland mortgage loan, there may come a time when you wish you could modify the terms. You may need more time to repay the loan or want to take advantage of the lower interest rates. 

At Capital Home Mortgage, we can make these changes happen for you through a rate-and-term refinance. But what exactly is a refinance, and how does it work? Let’s break it down.

Rate And Term Refinance: The Basics

A rate and term refinance is a type of refinancing that allows you to replace the existing loan terms with new ones that better suit your needs. When you refinance, you take out a new loan, pay off your current mortgage, and then start making payments on your new loan. With a rate and term refinance, you may switch to a longer or shorter loan term, a lower interest rate, or a different monthly payment.

When determining whether to grant you credit and under what conditions, potential lenders consult your credit report, which contains your financial information and debt repayment transactions, including:

  • Identification details
  • Credit application details such as credit card applications and mobile phone payment plans
  • Current credit cards, debts, and loans
  • Credit repayment history
  • Defaults, bankruptcies, debt agreements, and credit infringements
  • Missed utility and phone payments (more than 60 days overdue)

Check your credit report to ensure it’s correct and up to date. Only apply to refinance your home loan once you have verified that the information is accurate and complete.

How much does mortgage refinancing cost?

Here’s an overview of the potential costs of refinancing  your mortgage:

  • Loan origination fee – 0.0% to 1.5% of the loan amount
  • Appraisal fee – $500 to $700
  • Title insurance fee – more or less $1,000 depending on the loan amount
  • Credit report fee –  $50 to $80, but may be paid by the lender
  • Prepaid interest charges – the amount of your first month’s interest
  • Recording fee – cost varies by county
  • Mortgage points – one point is equal to 1% of the mortgage loan amount (more points means lower interest rates)

Pros and Cons of a Rate-and-Term Refinance

Refinancing can be one of the best financial decisions, but you should analyze the decision from all sides. You need to carefully weigh the pros against the cons of refinancing to ensure it’s the best choice for you. 

Rate-and-term refinancing offers the following advantages:

  • Access lower interest rate – 

Securing a lower interest rate than you are currently paying will save you thousands of dollars throughout your mortgage.

  • Lower monthly payments – 

Lower interest rates should result in lower monthly payments (unless you opt for a shorter repayment period). Your payments will decrease even more if you refinance for a longer term. 

  • Get out of debt sooner – 

A shorter mortgage term will allow you to pay off your mortgage faster but expect higher monthly payments.

  • Eliminate PMI – 

Once you have 22% equity in your home, the law requires the lender to drop private mortgage insurance. If your house has increased in value since you bought it, refinancing will show you have more equity than you initially thought, and you’ll be able to stop paying PMI.

However, the following drawbacks might change your mind or hurt your chances of getting approved:

  • Eligibility  

Refinancing often requires a good credit score, a low debt-to-income ratio, and substantial equity, making it inaccessible to some borrowers.

  • Closing Costs 

You’ll have to pay closing costs when refinancing, like when you got your first mortgage. 

  • Appraisal

You must go through the appraisal process once more with a rate-and-term refinance, which will take time and money. Moreover, your refinance application may be rejected, or you may pay a higher rate if the appraisal finds that your home has decreased in value.

Is Rate-and-Term Refinancing a Good Idea?

You might be looking at spending thousands of dollars once you add up all the fees and costs related to refinancing your mortgage. So how can you tell if refinancing your mortgage is worthwhile?

Although the exact answer will depend on your particular circumstances, it comes down to what you hope to gain from refinancing. If refinancing results in significant savings or more affordable monthly payments, it could be worth it.

Analyze your circumstances and financial situation to determine whether refinancing makes sense. It all boils down to finding an approach that suits your needs. 

If refinancing is the best option, contact Capital Home Mortgage at (432) 218-4828 to get started. We’re ready when you are.

Why Midland 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

Midland 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

Midland VA refinance Home Loans

VA Refinance Mortgage Lender

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

Midland FHA Refinance home Loans

FHA Refinance Mortgage 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

Midland Conventional Refinance Loans

Conventional Refinance Mortgage Lender

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)

Midland Native American Refinance Loans

Native American Refinance Mortgage Lender

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

Midland USDA Refinance home Loans

USDA Refinance Mortgage Lender

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

Midland Reverse Mortgage Refinance

Reverse Refinance Mortgage Lender

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

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

Midland Texas Mortgage Team

Dale Gremillion

Manager / Sr Loan Officer
NMLS 210325

Conor Hayhurst

Manager / Sr Loan Officer
NMLS 743506

Brad Rund

Native American Lending
Manufactured Housing

Midland Mortgage Company Reviews

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