Killeen Cashout refinance Mortgage Lender
Killeen Cash-Out Refinance
A mortgage refinancing option known as a cash-out refinance enables homeowners to convert a portion of their home equity into liquid funds. A new mortgage is taken out for an amount higher than the outstanding balance on your current mortgage, and the difference between the two is paid to you in cash.
What is a Killeen Cash-out Refinance?
You can borrow more than the outstanding principal of your loan through cash-out refinancing. For example, if your outstanding balance in the current mortgage is $200,000, but the market value of your house is $500,000, you can borrow up to 80% of the value of your property. That gives you a total of $400,000 as your new loan. You pay off the $200,000 old mortgage and get $200,000 additional cash. However, you now owe $400,000 instead of $200,000. You get the $200,000 three days after closing on the new loan.
Killeen Cash-out Refinance Rules
Cash-out refinancing can be tricky since you’re borrowing more than what you currently owe from an existing mortgage contract. Section (a)(6) of the Texas Constitution permits homeowners to borrow against the equity in their primary residences.
Credit
Conventional loans require a minimum FICO score of 620 to qualify for a cash-out loan.
Loan-to-Value
The maximum loan amount on a Texas Cash-Out is limited to 80% of the property’s appraised value or 80% Loan-to-Value (LTV).
Debt-to-Income Ratio
The borrower’s debt-to-income (DTI) ratio must be 43% or less, and the property must have deep equity to get a Texas cash-out loan.
Waiting Period
Borrowers can be eligible for a Section (a)(6) loan in Texas after they’ve had their mortgage loan for at least six months.
Limited Closing Costs
A lender’s closing fees cannot exceed 2% of the loan amount. This doesn’t include third-party costs like an appraisal fee, title insurance policy, attorney fees, etc. The 2% rule only applies to the lender’s origination fee, processing, and underwriting fees.
Apply for Cash-out Refinancing Today
Capital Home Mortgage offers cash-out refinancing to clients in Killeen through direct mortgage lending. We process your loan directly and fund it after approval. Call our experienced loan officers in Killeen at (254) 213-7343.
Why Killeen HomeBuyers are Choosing Capital Home Mortgage
Close On Time
Complete Control from Application to Funding
Low Rates & Low Fees
Direct Lender with Competitive Rates & Low Fees
Exceptional Service
7 Day a Week Support Application to Final Mortgage Payment
Killeen 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
Killeen Conventional Cashout Refinance Loans
- Primary, 2nd & Investment
- Single & Multi Family
- Loan to Value Restrictions
- County Loan Limits Apply
Killeen Jumbo Cashout Refinance Loans
- Up to 3 Million
- Primary and 2nd Home
- Max Loan to Value Limits Apply
- Investor Approval
Killeen Reverse Cashout Refinance Loans
- Primary Residence
- Equity Based Qualifying
- Credit Scores N/A
- Minimum Age 62
Texas Mortgage Programs
Texas Home Purchase
Thinking of Buying a Texas Home?
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.
- Primary, Secondary, Investment
- FHA, VA, USDA, Native American
- Conventional, Jumbo, Non QM
- Reverse, Renovation, Manufactured
Texas renovation home loans
Looking to Rehab a Texas Home?
Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan? Purchase the Perfect Home and make it your own. Call today.
- Remodel, Renovate or Repairs
- FHA 203K Streamline or full
- fannie mae homestyle reno
- freddie mac home choice reno
Texas FHA Home Loans
Great for 1st Time Texas Homebuyers
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.
- Smaller Down Payment
- Flexible Underwriting
- Higher Debt to Income Ratios
- Lower Credit Scores OK
Texas VA Home Loans
100% Financing for Texas Veterans
Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.
- Simply Qualifying for Veterans
- No Down Payments Requirements
- Lower Credit Scores Accepted
- Manual Underwriting Allowed
Texas Conventional Home Loans
Flexibility for Texas Homebuyers
Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.
- Primary, 2nd Home, Investment
- Great Rates & Low Fees
- Single Family and Multi-Family
- Renovation Loan Programs
Texas Jumbo Home Loans
Texas Non Conforming Loans
Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits. Call today to speak to a loan officer.
- Primary Residence and 2nd Homes
- Higher Loan Amounts – 3 Million
- Great Interest Rates
- Investor Specific Guidelines
Texas USDA Home Loans
100% Rural Texas 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.
- Rural Properties Only
- Primary Residence Only
- Geographic Restrictions
- Income REstrictions
Texas Native American Home Loans
Texas HUD 184 Home Loans
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.
- Primary Residence Only
- Manual Underwriting for All Loans
- No Credit Score Requirements
- Tribal Grants Allowed
Texas Manufactured Home Loans
Great Alternative Texas Housing
The One Time Close Manufactured Home Loan offer options to purchase your dream home on your own land. Call today to speak to a Loan Officer.
- Purchase the Home and Land Together
- Include the Utilities and Home Setup
- Lock Rate at Contract
- Variety of Loan Programs to Choose From.
Texas reverse mortgages
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
Texas Non QM Home Loans
Making Texas Mortgages Possible
Looking for Non Traditional Home Mortgage Loan? Contact a Loan Officer Today to discuss the alternative mortgage options currently available.
- Purchase, Rate and Term & Cash-out
- Primary, Secondary and Investment
- Full Doc & Bank Statements Programs
- Corporations OK
Texas One Time Close mortgages
Build Your Texas Dream Home
Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan. Call today to see how a OTC loan works.
- Primary Residence Only
- Close Once
- Lock Rate at Contract
- Traditional Final Mortgage
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
