Capital Home Mortgage Corpus Christi
Corpus Christi Cashout Mortgage Refinance
Corpus Christi Cashout refinance Mortgage Lender
Corpus Christi Cash-Out Refinance
Refinancing is a popular option in real estate financing. Borrowers who want better terms can use refinancing by obtaining a new loan, paying off the existing one, and paying the new loan under renegotiated loan terms or lower interest rates.
There are two types of refinancing agreements: rate & term refinancing and cash-out refinancing.
Capital Home Mortgage offers both, but let’s discuss what cash-out refinancing is here. This type of refinancing has a unique feature that can suit particular borrowers. Read more about cash-out refinancing below, or better yet, reach out to our Corpus Christi loan experts to understand these two.
What is a Corpus Christi Cash-out Refinance?
Cash-out is a refinancing agreement wherein the borrower can get a new loan to pay off the existing loan and get extra cash. Unlike rate & term refinancing, cash-out refinancing is like borrowing an amount that’s more than the current loan balance. A 100% financing is almost impossible for cash-out refinancing, and lenders generally require 20% equity after refinancing.
For example, let’s say the home is worth $600,000 with a remaining mortgage balance of $200,000. The home equity is $400,000 ($600,000 – $200,000). To qualify for refinancing, you need at least $80,000 equity ($400,000 x 20%). Assuming this scenario qualifies, the borrower can borrow $225,000 to pay the $200,000 unpaid mortgage and take home $25,000.
Requirements for Cash-out Refinancing
Before applying, you must consider specific Corpus Christi cash-out refinancing rules. The most important rule is the 20% rule. You can only qualify for refinancing if you have at least 20% home equity. However, having at least 20% is not a guarantee that you’ll qualify. There are still other factors considered. A higher home equity percentage is ideal for increasing your chances of approval. It’s best to wait a few more years before refinancing to obtain a better result.
Your credit score is another important factor. You need a credit score of 620 to be eligible for a cash-out refi. If you faithfully pay your mortgages on time, you need not worry about your credit score because a few years of religious payments can boost your credit score.
Apply For Cash-Out Refinance in Corpus Christi
Start your refinancing by speaking to our loan officers in Corpus Christi. We strive to help our clients find the best mortgage product for their needs. Through direct mortgage lending, we handle all applications and provide our clients with a smooth and painless process. We also offer competitive interest rates. Call (361) 724-3166 to get your application underway.
Why Corpus Christi HomeBuyers are Choosing Capital Home Mortgage
Close On Time
Control of the Loan from Application to Funding
Great Rates & Low Fees
Direct Lender Providing Competitive Rates and Low Fees
Exceptional Customer Service
7 Day a Week Support Application to Final Mortgage Payment
Corpus Christi 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 the mortgage Securities
- Property securing the mortgage
- occupancy of the property
- Loan to value of the property
- Borrower’s credit worthiness
Corpus Christi Conventional Cashout Refinance Loans
- Primary, 2nd & Investment
- Single & Multi Family
- Loan to Value Restrictions
- County Loan Limits Apply
Corpus Christi Jumbo Cashout Refinance Loans
- Up to 3 Million
- Primary and 2nd Home
- Max Loan to Value Limits Apply
- Investor Approval
Corpus Christi Reverse Cashout Refinance Loans
- Primary Residence
- Equity Based Qualifying
- Credit Scores N/A
- Minimum Age 62
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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.
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Texas Manufactured Home Loans
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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
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Making Texas Mortgages Possible
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- Purchase, Rate and Term & Cash-out
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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