Capital Home Mortgage Corpus Christi

Corpus Christi Cash-Out Mortgage Refinance

Corpus Christi Cash-Out Mortgage Lender

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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 is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Corpus Christi Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Corpus Christi Customer Service

7  Day a Week Support from 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 Mortgage Cash-Out Loans

Corpus Christi Conventional Cash-Out

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

Corpus Christi Jumbo Cash-Out Loans

  • Up to 3 Million 
  • Primary and 2nd Home
  • 80% Loan to Value
  • Investor Approval

Corpus Christi Reverse Cash-Out Loans

  • Primary Residence
  • Equity Based Qualifying
  • Credit Scores N/A
  • Minimum Age 62

Corpus Christi Conventional Cash-Out Loans

Cash-Out Conventional Mortgage Refinance Lender
  • Primary, 2nd & Investment
  • Single & Multi Family
  • Loan to Value Restrictions
  • County Loan Limits Apply

Corpus Christi Jumbo Cash-Out Loans

Cash-Out Jumbo Mortgage Refinance Lender
  • Up to 3 Million 
  • Primary and 2nd Home
  • 80% Loan to Value
  • Investor Approval

Corpus Christi Reverse Cash-Out Loans

Cash-Out Reverse Mortgage Refinance Lender
  • Primary Residence
  • Equity Based Qualifying
  • Credit Scores N/A
  • Minimum Age 62

Corpus Christi Texas Mortgage Team

Conor Hayhurst

Manager
NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

chris erwin

Sr Loan Officer
NMLS 914064

Dale Gremillion

Manager
NMLS 210325

Corpus Christi Mortgage Company Reviews

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