Burien Cash Out Mortgage Refinance

Burien Cash Out Mortgage Refinance Lender

Welcome to Capital Home Mortgage Burien.  As a Burien Cash Out Mortgage Lender, where we strive to provide Burien homeowners with a Burien Cash Out Mortgage Refinance at competitive Burien Cash Out Mortgage Rates with low fees while ensuring outstanding customer service.  First, we’d like to thank you for the opportunity to earn your Burien Cash Out Refinance Loan.  We understand that refinancing is an important decision, that is why Capital Home Mortgage Burien offers dedicated refinance specialists to listen your your specific needs and go over all of the potential options.

Capital Home Mortgage Burien is a direct Burien Cash Out Refinance Mortgage Lender that manages the entire refinance process from the application to the funding. Our in-house processing and underwriting enables for quick, common sense approvals and timely closings.   

Call today (206) 590-2280 to talk to one of our Burien Cash Out Refinance Loan Officers.

Cash-Out Refinance Loans Burien Washington 

As a result of rising home values, lenders and real estate data experts report an increase in cash-out refinancing, which allows borrowers to withdraw a portion of their home equity through a new mortgage.

What is a Cash-Out Refinance?

A cash-out refinance is a type of mortgage refinancing in which a homeowner obtains a new loan for a more significant amount than their existing mortgage and uses the difference between the old mortgage and the new loan to receive cash, which can be used for various purposes such as home improvement, debt consolidation, etc. The homeowner uses their home as collateral for the new loan, creating a new mortgage for a higher amount than is now owed. The current mortgage is replaced with a new, larger loan, and the homeowner receives the difference in cash.

For instance, a homeowner may use a cash-out refinance if they own a $1,000,000 home with a $500,000 outstanding mortgage loan balance and wish to convert a portion of their $500,000 equity into cash. With this refinance, the homeowner’s existing mortgage would be replaced with a new mortgage for a more considerable amount, and the difference would be paid in cash.

However, a cash-out refinance usually carries a slightly higher interest rate than a rate and term refinance. Due to the increased loan size, borrowers must pay closing fees and potentially higher mortgage payments.

Pros and Cons of a Cash-Out Refinance

A cash-out refinance is a type of refinancing where a homeowner replaces their current loan with a new one with a bigger loan balance than the original mortgage. Through this process, the homeowner can cash in on the equity they have built in their house in one single sum. The benefits of a cash-out refinance are as follows:

  • Gaining access to a sizeable amount of money: A cash-out refinance’s main benefit is that the homeowner can get access to a sizable sum of money by releasing the current home equity.
  • Lower borrowing costs: Because mortgage refinance rates are frequently less expensive than rates on personal loans, cash-out refinancing is often less costly than other kinds of financing.
  • Tax Deductibility: A cash-out refinance’s interest payment may be tax deductible.
  • Cheaper interest rates: Compared to other forms of financing, the cash-out refinance offers the borrower a lower interest rate.
  • Refinances at No Cost: Some lenders provide no-cost refinances, where the loan pays the closing fees or has a higher interest rate.

It’s important to note that most lenders demand that the homeowner keep 20% of the equity in their house when the cash-out is completed.

There are several drawbacks to a cash-out refinance that should be considered before agreeing to this type of loan. Here are some disadvantages:

  • A cash-out refinance resets the clock on all of the borrower’s housing debt, thereby raising the borrower’s lifetime interest costs. This can also occur while borrowing additional money.
  • Refinancing requires the payment of closing costs, which can be considerable.
  • If payments are missed, the borrower risks losing their home to foreclosure. A cash-out refinance is a serious investment with long-term ramifications if it fails, so it should not be taken carelessly.
  • The increased loan size resulting from a cash-out refinance can raise the likelihood of foreclosure.
  • Suppose the borrower refinances to the same term as the original mortgage. In that case, they are extending the time they have to pay off the loan, resulting in a reduced monthly payment but an increase in the total amount of interest paid over the life of the loan.

Apply For A Cash-Out Refi With Capital Home Mortgage Burien

At Capital Home Mortgage Burien, we have a simple process for cash-out refinancing, low fees, and competitive interest rates. Since we handle every part of the loan process, including funding, as a direct mortgage lender, we can offer flexible underwriting and faster approvals.

Let our mortgage experts help you get the funds you need today from your home’s equity. Call (206) 590-2280 to get a free quote. We look forward to helping you with your next cash-out refinancing in Burien Washington.

Burien cash out Mortgage Rates

Burien cash out refinance Loans

What is a Burien Cash Out Refinance?

A Burien Cash-Out Refinance is a type of mortgage refinancing option available to homeowners in Burien. 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 Burien 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 Burien Cash Out Refinance Loan with a Burien Home Equity Line of Credit (HELOC).  A Burien Cash Out Refinance Loan involves getting a new mortgage to replace your old one, with its own Burien 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.

Burien 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: Burien Cash Out Refinance loans generally require a minimum credit score of 580, but can be higher depending on type of loan.
  • Equity Requirements:  For Burien 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 Burien Cash Out Refinance?

Within a single loan, a Burien 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 Burien and need these two benefits, then a Burien Cash Out Refinance could be the right solution.

Burien FHA Cash out Mortgage Refinance

FHA Allows you to Cash Out Equity to 80% of the Current Market Value of Your Burien Home. The Advantages of using a Burien 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 Burien Veterans to Cash Out Equity to 100% of the Current Market Value of Your Home. The Advantages of using a Burien 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

Burien Conventional Cash out Mortgage Refinance

The most common Burien 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 Burien 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

Burien Jumbo Cash out Mortgage Refinance

Burien 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

Burien Native American Cash out Mortgage Refinance

Burien 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 

Burien Reverse Cash out Mortgage Refinance

Reverse Mortgages Allow Burien 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 Burien with Capital Home Mortgage Burien...

At Capital Home Mortgage Burien, we understand that your home is your most important asset. We want to help make it work for you, which is why we offer Burien Cash Out Refinance Loans. We have years of experience helping homeowners in the Burien get the best refinancing deals possible, and we can do the same for you.  Plus, as a direct lender, our process is straightforward – so you can rest assured that you’ll have our professional assistance every step of the way.

Call today (206) 590-2280 to take advantage of Burien cash-out refinance opportunities!

Why Burien 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

Burien Mortgage Company Reviews
Burien Mortgage Team
Dale Gremillion
Sr Loan Officer
NMLS #210325
Conor Hayhurst
Branch Manager
NMLS #743506
Amanda Ravello
Sr Loan Officer
NMLS #1702894
Burien Mortgage Programs
Burien Home Purchase loans
Looking to Purchase a Burien 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, 2nd Home, Investment
  • Low Rates & Fees, No fee Options
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo & Renovation
  • Manufactured, Construction, Reverse
Burien Renovation Home Loans
Looking to Rehab a Burien Home?
Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not a renovation loan? Purchase the Perfect Home and make it your own.
  • Remodel, Renovate or Repairs
  • FHA 203K Streamline 
  • FHA Full Documentation Rehab
  • Fannie Mae Homestyle Reno
  • Freddie Mac Home Choice Reno
Burien FHA Home loans
Great 1st Time Burien 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 Payments
  • Flexible Underwriting Guidelines
  • Higher Debt to Income Allowed
  • Lower Credit Scores – Down to 500
  • Down Payment Gifts Allowed
Burien va Home Loans
100% Financing for Burien Vets
Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.
  • No Mortgage Loan Limits
  • Simple Qualifying
  • Higher Debt to Income Allowed
  • Lower Credit Scores – Down to 500
  • Manual Underwriting Allowed
Burien Conventional Home loans
Flexibility for Burien 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
  • Single and Multi-Family Properties
  • Variable Mortgage Insurance Options
  • Low Rates & a Variety of Terms
  • Renovation Programs Available
Burien Jumbo Home Loans
Burien Non-Confirming Home Loans
Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits. Call today.
  • Primary & 2nd Homes
  • Variety of Mortgage Programs
  • Simple Qualifying for Veterans
  • Investor Specific Guidelines
  • Credit Score Minimums
Burien USDA Home loans
100% Rural Burien 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.
  • Primary Residences
  • No Down Payment Required
  • New Manufactured Homes Allowed
  • Closing Costs / Repairs Rolled In
  • Geographic and Income Limits Apply
Burien Native american Home Loans
Burien 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
  • Purchase, Refinance, and Renovation
Burien Manufactured Home loans
Great Alternative Burien 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
  • New Construction
  • One Time Close Land/Home Combo
  • Lock at Contract
  • FHA, VA, USDA, Native American
Burien Reverse Mortgage Loans
Your Burien 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
  • No Credit Score Requirements
  • Minimum Age 62
  • Purchase, Refinance, and Cash-Out
Burien Non QM Home loans
Making Burien Mortgages Possible
Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.
  • Purchase, Refinance & Cash-out
  • Primary, Secondary, Investment
  • Full Doc Programs
  • Alt Doc Programs
  • Corporations OK
Burien One Time Close Home Loans
Build Your Burien 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 Residences Only
  • One Time Close
  • Lock Rate at Closing
  • Traditional Final Mortgages
  • No Payments During Construction
Burien Refinance Mortgage loans
Burien 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.
  • Lower Monthly Payment
  • Shorten Mortgage Term
  • Streamline Options Available
  • Appraisal Waivers Allowed
  • VA IRRRL’s
Burien Cashout Mortgage Loans
Burien 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
  • Dream Vacation
  • Higher Education
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