Capital Home Mortgage Odessa

Odessa Rate & Term Refinance

Odessa Rate & Term Refinance

Odessa Rate & Term Refinance

Do you wish to benefit from rate changes that have taken place since you first obtained a loan? Are you having issues with your mortgage payments each month? Do you want to switch to a shorter term to reduce interest costs and pay off your mortgage sooner?

With favorable interest rates and numerous new financing options available to homeowners, a rate-and-term refi can be a fantastic tool for anyone looking to lock in monthly savings or pay off their home more quickly.

3 Reasons To Refinance Your Mortgage

Existing homeowners can obtain better loan terms through a rate-and-term refinance. By refinancing your mortgage, you can essentially replace your current loan with a new mortgage arrangement that offers better financial terms and rates.

Here are the top reasons to refinance your mortgage:

     – Lower interest rate

One of the main reasons to refinance your mortgage is to get a lower interest rate. With a lower interest rate, you can save hundreds or even thousands of dollars over the life of the loan, which can improve your monthly cash flow. 

     – Change the loan terms

Changing the term of your mortgage loan to 15 or 20 years can help you pay it off quicker and get out of debt faster. The savings over time can be substantial when you factor in a lower interest rate, but also keep in mind that you will have to budget for higher monthly payments.

     – Switch to a different type of loan

When the fixed-rate introductory period of an adjustable-rate mortgage (ARM) expires, the interest rates are low. Changing to a fixed-rate mortgage provides security and protection against future interest rate increases. 

How Much Does Refinancing Cost?

Although refinancing is expensive, it may be worthwhile under certain conditions. You will have to pay various fees to close the loan, such as the origination cost, home appraisal cost, and the loan’s recording fees. Expect to pay between 2% and 5% of the total loan amount in fees. 

It is, however, possible to reduce your overall refinancing costs by:

           – Boosting your credit. Before refinancing your mortgage, you should focus on enhancing your credit score and debt-to-income ratio to obtain the best rate possible.

           – Negotiating fees. You are in a strong position to negotiate if you have solid credit and a steady income. Use this to your advantage by requesting the lender to waive any applicable fees, such as the origination fee.

           – Working with the same title insurance company. You can save significantly on title fees if you work with the same title insurance company you used when purchasing your home. 

           – Not paying for mortgage points. Mortgage points are fees paid to the lender to lower your interest rate and monthly payment. However, if you have good credit, you may be able to qualify for a low-interest rate without having to pay mortgage points.

           – Comparison shopping for third-party fees. Consider the most affordable options for third-party services, such as title search, home inspection, and survey.

           – Requesting to waive the appraisal fee. Lenders might forego ordering a new appraisal if the property has been recently appraised and market conditions have not changed significantly.

Is Refinancing Worth the Cost?

But how do you determine if it’s beneficial to refinance your mortgage? The answer will vary based on the specifics of your situation, but it all comes down to what you hope to achieve by refinancing your mortgage.

     – Interest Rate Savings

Are you thinking of refinancing your loan to save money throughout the loan’s lifetime? Calculating how much you’ll save after factoring in fees and costs would be best. Refinancing may cost you more money than you’ll save if you plan on selling your home sooner than the five-year payback period.

     – Lower Monthly Payment

You should consider the benefits and drawbacks of refinancing if you’re hoping to lower your monthly mortgage payment. It may not be the best choice if the money you would save each month goes toward closing costs.

Apply For a Rate & Term Refinance

If, after giving it some thought, you still think that refinancing is the right move, Capital Home Mortgage can help you get started. As a direct mortgage lender in Odessa, Texas, we can offer you the most attractive loan terms and interest rates.

What are you waiting for? Get prequalified with us today!

Why Odessa is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Odessa Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Odessa Customer Service

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

Odessa Mortgage Rates

Capital Home Mortgage Odessa is dedicated to offering Great Odessa 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

Odessa 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

Odessa 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

Odessa 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

Odessa 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

Odessa 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

Odessa 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

Odessa 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 Odessa Mortgage Programs

Odessa Texas Mortgage Team

Conor Hayhurst

Managing Director
NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

Chris Erwin

Loan Officer
NMLS 914064

Dale Gremillion

NMLS 210325

Odessa Texas Mortgage Company Reviews