Capital Home Mortgage Odessa
Odessa Cashout Mortgage Refinance
Odessa Cashout refinance Mortgage Lender
Odessa Cash Out Refinance
A cash-out refinance might be the right choice for you if you have built up a sizable amount of equity in your home and want to turn that equity into money you can use.
With a cash-out refinance, you obtain a new mortgage for an amount greater than what you owe on your home. You will receive the cash difference between your new and old mortgage balances at closing. You can use this money for home repairs, debt consolidation, or vacation. On the other hand, you’ll have to start making payments on a larger loan with new conditions.
A Section 50(a)(6) loan is another name for a cash-out refinance in the state of Texas. Refinancing your existing mortgage and taking equity out of your house can both be accomplished with the help of this loan. This converted equity will be given to you in cash after the transaction is finalized.
How Does a Cash-Out Refinance Work?
Each time you refinance, you begin anew with a new mortgage that has different terms. Refinancing can be a means to obtain a lower interest rate, extend the mortgage term, or add or remove borrowers. You can achieve any of these objectives without altering the amount borrowed.
A cash-out refinance, however, involves taking out a new loan for an amount greater than what is owed on the existing mortgage. Any homeowner is eligible for a Texas cash-out or Section (a)(6) loan as long as they have 20% equity on their property. The loan-to-value (LTV) on Texas cash-out loans is limited to 80% of the property’s appraised value.
To illustrate, let’s say you have a $100,000 mortgage on a home valued at $200, which gives you $100,000 in equity. You can refinance your $100,000 loan balance for $150,000 and receive the $50,000 in cash at closing. The maximum loan amount you may get from a Texas cash-out is $180,000, or 80% of the property’s value of $200,000.
To determine how much of a loan you can get for a cash-out refinance, your lender will order an appraisal of your home. If home prices have increased in your area, your home may now be worth more than what you paid, thereby increasing the amount you could borrow.
Odessa Cash-Out Refinance Requirements
To qualify for a cash-out refinance, you must satisfy lender requirements. These can vary, and it is always prudent to shop around to determine which lender offers the lowest interest rate. However, you will likely need to meet these requirements:
– Debt-to-income ratio, or DTI. Usually, a DTI of 45% or less is required for a cash-out refinance.
– Credit score. A higher credit score will likely result in a lower interest rate, but a score as low as 620 may still get you approved for a cash-out refinance.
– Home equity. For a cash-out refinance, lenders typically require that you have at least 20% equity in your home.
– Seasoning requirement. No matter how much equity you have in your home, you will need to have owned the property for at least six months before you can cash out refinance with a conventional loan. On the other hand, there is a 12-month waiting period for those with FHA-insured loans before they are eligible for cash-out refinancing.
Alternatives to Cash-out Refinance
There are other means of accessing your home’s equity without resorting to a cash-out refinance. Borrowing against the value of your home is possible through home equity loans and home equity lines of credit (HELOCs). Both are second mortgages, also known as junior liens, and can be taken out in addition to the primary loan.
With a home equity loan, you borrow a lump sum, similar to what you would receive with a cash-out refinance; however, because you are not touching your primary mortgage, your interest rate will not change. A HELOC is more flexible because it provides a line of credit against which you can borrow as needed. Both home equity loans and HELOCs have low origination fees, but because they are second mortgages, their interest rates are typically higher than those of a cash-out refinance.
We Can Help You Make The Right Choice.
Whether you apply for a cash-out refinance or take out a secondary loan on your home, the decision puts your finances and home on the line. Perhaps your circumstances call for debt consolidation or settlement, or even bankruptcy. Before making a significant financial move, you should examine your options.
At Capital Home Mortgage, we provide you with all the information you need to make the right choice. Our mortgage specialists are experts at matching consumers with the most appropriate solutions for their objectives. Home equity is a valuable asset for any homeowner, and we’re here to provide you with all the help you need to make sure you use it well.
Call our home loan specialists at (432) 218-4828 for a free consultation.
Why Odessa 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
Odessa 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
Odessa Conventional Cashout Refinance Loans
- Primary, 2nd & Investment
- Single & Multi Family
- Loan to Value Restrictions
- County Loan Limits Apply
Odessa Jumbo Cashout Refinance Loans
- Up to 3 Million
- Primary and 2nd Home
- Max Loan to Value Limits Apply
- Investor Approval
Odessa 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 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
Manufactured Home Loans offer options to purchase an existing residence or build your dream home on your own land. Call today to speak to a Loan Officer.
- Existing Purchase or Refinance
- OTC Land/ Home Combo
- Lock Rate Before Completion
- FHA, VA, USDA, & Native Loans
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