Refinance
Explore Your Mortgage Refinancing Options With 1st Legacy Capital
Your mortgage should work for your financial goals, not the other way around.
Whether you're looking to lower your interest rate, change your loan term, access your home's equity, or consolidate debt, refinancing may help you achieve your goals.
At 1st Legacy Capital, we help homeowners throughout Mississippi and Alabama explore mortgage refinancing options that fit their needs. As a locally owned mortgage company headquartered in Starkville, Mississippi, we offer personalized guidance and nearly 60 years of combined mortgage experience.
Our experienced mortgage professionals can help you compare Conventional, FHA, VA, and USDA refinance programs, explain the costs and potential benefits, and determine which options may be right for you.
Your home. Your goals. Your legacy.
Mortgage Refinancing Options
Rate-and-Term Mortgage Refinancing
A rate-and-term refinance allows homeowners to replace their existing mortgage with a new loan, potentially obtaining a lower interest rate, changing their repayment term, or switching from an adjustable-rate to a fixed-rate mortgage.
Refinancing may help reduce monthly payments or shorten the time needed to pay off your home. Our mortgage professionals can help you compare the potential savings against the costs of refinancing.
Cash-Out Mortgage Refinancing
A cash-out refinance allows qualified homeowners to access a portion of their home's equity by replacing their existing mortgage with a larger loan.
Homeowners may use available equity for home improvements, debt consolidation, educational expenses, or other financial needs.
Conventional cash-out refinancing may allow qualified homeowners to borrow up to 80% of their primary residence's appraised value, depending on property type and lender requirements.
FHA Refinance Loans
FHA refinancing offers options for homeowners interested in refinancing an existing mortgage.
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FHA Streamline Refinance: Available to eligible homeowners with existing FHA-insured mortgages, potentially with reduced documentation requirements.
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FHA Cash-Out Refinance: Allows qualified homeowners to access available home equity, generally up to 80% of the property's adjusted value.
VA Refinance Loans
Eligible veterans, active-duty service members, and qualifying military families may benefit from VA refinancing programs.
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VA Interest Rate Reduction Refinance Loan (IRRRL): Designed for eligible homeowners with existing VA loans who want to refinance under qualifying terms.
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VA Cash-Out Refinance: May allow qualified borrowers to access their home equity or refinance an existing non-VA mortgage into a VA loan.
VA cash-out refinancing may permit financing up to 100% of the property's VA-determined value, subject to VA and lender guidelines.
USDA Rural Development Refinancing
Qualified homeowners with existing USDA loans may be eligible for USDA refinance programs, including streamlined options.
USDA refinancing may help eligible borrowers obtain a lower interest rate or reduce their monthly principal and interest payment. Cash-out refinancing is not available under USDA's guaranteed refinance programs.
All refinancing programs are subject to borrower qualifications, property requirements, applicable program guidelines, and lender approval.