Colorado Springs Cash Out Mortgage Refinance

Colorado Springs Cash Out Mortgage Refinance Lender

Welcome to Capital Home Mortgage Colorado Springs! As your trusted Cash-Out Mortgage Lender in Colorado Springs, we are committed to helping homeowners like you secure a Cash-Out Mortgage Refinance with competitive rates and minimal fees while delivering exceptional customer service. We appreciate the chance to assist you with your Cash-out Refinance Loan. Recognizing that refinancing is a significant choice, our dedicated refinance specialists are here to understand your unique needs and explore all available options.

Capital Home Mortgage Colorado Springs is a premier direct lender for cash-out refinance mortgages in Colorado Springs. We take pride in overseeing the entire refinancing journey, from your initial application to funding. With our dedicated in-house processing and underwriting teams, we ensure swift, sensible approvals and prompt closings, making your refinancing experience seamless and efficient.

Call us at (303) 226-1177 to speak to one of our Colorado Springs Cash-Out Refinance Loan Officers.

Colorado Springs Cashout Mortgage Rates

Colorado Springs cash out refinance Loans

What is a Colorado Springs Cash Out Refinance?

A Colorado Springs Cash-Out Refinance is a type of mortgage refinancing option available to homeowners in Colorado Springs. It allows homeowners to refinance their existing mortgage for a higher amount than what they currently owe, and then receive the difference in cash.

Here’s how it typically works:  The first step is to determine the current market value of your home and subtract any outstanding mortgage balance from it. The remaining amount is your home equity.  You apply for a cash-out refinance.  We will review your financial situation, credit score, and other relevant factors to determine if you qualify for the loan.

For a Colorado Springs Cash-out Refinance an appraisal is required to confirm the current market value of your property.  Once approved, you will have a new loan for an amount higher than your existing mortgage balance. The difference between the new loan amount and your existing mortgage balance is the cash-out amount.

Like any mortgage transaction, a cash-out refinance involves a closing process where you sign paperwork to finalize the loan.

With the cash-out refinance, you’ll have a new mortgage loan with a higher principal balance. You’ll make monthly payments to repay this loan, just like with your previous mortgage.

Cash-out refinancing can be beneficial for homeowners who need access to cash for purposes such as home improvements, debt consolidation, or other financial needs.

Despite their similarities, do not confuse the Colorado Springs Cash Out Refinance Loan with a Colorado Springs Home Equity Line of Credit (HELOC).  A Colorado Springs Cash Out Refinance Loan involves getting a new mortgage to replace your old one, with its own Colorado Springs Cash Out Mortgage Rate, monthly payment, and terms.  Meanwhile, with a HELOC, if you already have a mortgage, the HELOC functions as a second loan that uses your home equity as collateral.

Colorado Springs Cash Out Refinance Eligibility and Requirements

To qualify for a cash-out refinance, borrowers must meet basic eligibility requirements from their lender.  While every lender is different, there are general guidelines that most will follow.

  • Credit Rating: Colorado Springs Cash Out Refinance loans generally require a minimum credit score of 580, but can be higher depending on type of loan.
  • Equity Requirements:  For Colorado Springs Cash Out Refinance Loans, borrowers must have at least 20% equity in their home.
  • Debt-to-Income Ratio: As a borrower, you should also have a debt-to-income (DTI) ratio of 43% or less. This includes all your monthly debts, including your mortgage, car, student loans, credit card payments, and any other recurring debts you might have.

Should You Get a Colorado Springs Cash Out Refinance?

Within a single loan, a Colorado Springs Cash Out Refinance offers two solutions:

  • Replacing your current mortgage with a new one that offers the possibility to pay less in interest, monthly payments, or both.
  • Getting a one-time payment borrowed against the equity in your property that you can use however you want.

If you are considering a Cash Out Mortgage Loan in Colorado Springs and need these two benefits, then a Colorado Springs Cash Out Refinance could be the right solution.

Colorado Springs FHA Cash out Mortgage Refinance

FHA Allows you to Cash Out Equity to 80% of the Current Market Value of Your Colorado Springs Home. The Advantages of using a Colorado Springs FHA Cash Out is that FHA allows for lower credit scores than other loan programs making it a great option for those borrowers with lower credit scores.

  • Appraisal Required
  • Primary Residents Only
  • Max Loan to Value Limits Apply
  • County Loan Limits Apply

VA Allows Colorado Springs Veterans to Cash Out Equity to 100% of the Current Market Value of Your Home. The Advantages of using a Colorado Springs VA Cash Out is the highest Loan to Value of any loan programs and has the most flexible underwriting and lower credit score requirements.

  • Appraisal Required
  • Primary Residence Only
  • Max Loan to Value Limits Apply
  • Max Loan Limits Apply

Colorado Springs Conventional Cash out Mortgage Refinance

The most common Colorado Springs Cash Out mortgage loan is a conventional loan.  The conventional loan max loan to value for Equity is 80% of the Current Market Value of Your Home. The Advantages of a Chattanooga conventional Cash Out is lower rates with no mortgage insurance, but does have higher credit standards.

  • Primary, 2nd & Investment
  • Single & Multi Family
  • Loan to Value Restrictions
  • County Loan Limits Apply

Colorado Springs Jumbo Cash out Mortgage Refinance

Colorado Springs Jumbo or Non conforming cash out loans allow you to access you equity to a maximum 80% of the Current Market Value of Your Home.  Jumbo Cash Out have stricter credit restrictions and higher credit scores requirements.   Actual LTV is subject to investor guidelines.

  • Up to 3 Million 
  • Primary and 2nd Home
  • Max Loan to Value Limits Apply
  • Investor Approval

Colorado Springs Native American Cash out Mortgage Refinance

Colorado Springs HUD 184 Home Loans allows homeowners to Cash Out Equity to 85% of the Current Market Value of Your Home. The Advantages of using a HUD 184 Cash Out is no credit score requirements and single ratio for total debt.

  • Appraisal Required
  • Max LTV Cash-out Limits Apply
  • State & County Restriction
  • County Loan Limits 

Colorado Springs Reverse Cash out Mortgage Refinance

Reverse Mortgages Allow Colorado Springs Seniors to Cash Out Equity from their home without having to have repayment plan.  Reverse mortgages don’t have income requirements, but the senior must be able to cover taxes and insurance.

  • Primary Residence
  • Equity Based Qualifying
  • Credit Scores N/A
  • Minimum Age 62
Apply for a Cash Out Refinance in Colorado Springs with Capital Home Mortgage Colorado Springs...

At Capital Home Mortgage Colorado Springs, we recognize that your home represents your most significant financial investment. Our goal is to assist you in maximizing its potential, which is why we provide Colorado Springs Cash-out Refinance Loans. With extensive experience in securing optimal refinancing options for Colorado Springs homeowners, we are well-equipped to support you in achieving similar results. Furthermore, as a direct lender, we ensure a seamless process, allowing you to benefit from our expert guidance throughout each phase of your refinancing journey.

Call today (303) 226-1177 to take advantage of Colorado Springs cash-out refinance opportunities!

Why Colorado Springs is Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Fees

Exceptional Service

7  Day a Week Support Application to Final Payment

Colorado Springs Mortgage Company Reviews
Colorado Springs Mortgage Team
Dale Gremillion
Sr Loan Officer
NMLS #210325
Conor Hayhurst
Branch Manager
NMLS #743506
Amanda Ravello
Sr Loan Officer
NMLS #1702894
Colorado Springs Mortgage Programs
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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.
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Colorado Springs FHA Home loans
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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.
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Colorado Springs va Home Loans
100% Financing for Colorado Springs Vets
Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.
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  • Variable Mortgage Insurance Options
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Colorado Springs Jumbo Home Loans
Colorado Springs Non-Conforming Home Loans
Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits. Call today.
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  • Variety of Mortgage Programs
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100% Rural Colorado Springs 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.
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  • Closing Costs / Repairs Rolled In
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Colorado Springs Native american Home Loans
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Colorado Springs Manufactured Home loans
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Build Your Colorado Springs Dream Home
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Colorado Springs Refinance Mortgage loans
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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.
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Colorado Springs Cashout Mortgage Loans
Colorado Springs 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.
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