Capital Home Mortgage Tacoma

Tacoma Cashout Mortgage Refinance

Cashout refinance Mortgage Lender Tacoma

Cash-Out Refinance Loan In Tacoma

Here at Capital Home Mortgage, we pride ourselves on providing a broad lineup of mortgage products, including the Tacoma Cash-Out Refinance program, which lets you convert your home’s equity into cash. Essentially, you get a new mortgage to pay off an existing mortgage and take home the excess money. 

To illustrate, let’s assume your home’s market value is $250,000. Suppose you have an outstanding loan balance of $100,000 from a previous mortgage. In that case, you can choose the cash-out refinancing option to pay off the outstanding balance and receive the $150,000 excess cash, which you can spend on home improvements, debt consolidation, investments, or other financial obligations. 

However, one thing to keep in mind is that with a mortgage refinance, you’ll repay a larger loan with different terms. As such, it’s important to carefully weigh the pros and cons before committing to the program. 

How Does a Cash-Out Refi Work?

Here’s a short list of cash-out refi eligibility requirements:

  • Credit Score Requirements

You need a score of 620 and above to get excess cash from the new mortgage. A typical refinancing agreement often involves extending payment terms or reducing the interest rate. But with cash-out refinancing, there’s an option to loan a higher amount to receive excess cash.

  • Debt-to-Income Ratio

Your current DTI ratio must be less than 50% to qualify for cash-out refinancing. For cash-out refinance loans, the ideal DTI range is 36% / 43%. However, if you want to increase your chances of getting approved, try to pay off some debts to reach the healthy DTI range. Even if your DTI is below 50% but higher than 43%, lenders will still raise an eyebrow at your financial position.

  • Home Equity

To qualify for cash-out refinancing, having sizable home equity is crucial. Your home equity is the difference between the outstanding loan balance and the property’s fair market value. For example, you took a $200,000 loan for a property worth $300,000. Assuming you still owe $75,000, your home equity is $225,000.

The home equity will then be the basis of the cash-out refinancing. Fluctuations in interest rates and underwriting may affect the loan-to-value you can get. Let’s say the lender approved up to 80% of your home value. The maximum loan amount will be $240,000 less the $75,000 balance; you’ll get $165,000 of the equity proceeds.

Cash-Out Refinance vs. Home Equity Loan

Cash-out refinance takes a new mortgage to pay off an existing one. In a home equity loan, you get a second mortgage with the home equity as collateral. To illustrate, let’s assume that the applicant has an outstanding mortgage of $100,000 and home equity of $150,000. In cash-out refinance, the applicant can get a loan based on the home equity and pay off the $100,000.

The applicant will get a second loan with the $150,000 equity loan as collateral in a home equity loan. In the case of a home equity loan, the applicant will have two debts, whereas in cash-out refinancing, there is only one debt.

Apply for Cash-Out Refinance in Tacoma Today

Capital Home Mortgage offers a streamlined cash-out refinance process, competitive interest rates, and low processing fees. As a direct mortgage lender, we provide flexible underwriting and quicker approvals since we handle every aspect of the loan process, including funding. 

Let our mortgage specialists help you get the financing you need from your home’s equity today. Get started with a free quote by calling (803) 600-0088. We look forward to providing your cash-out refinancing in Tacoma.

Why Tacoma 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

Tacoma Washington 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 mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Tacoma FHA Cashout Refinance Loans

Cash-Out FHA Mortgage Refinance Lender
  • Appraisal Required
  • Primary Residents Only
  • Max Loan to Value Limits Apply
  • County Loan Limits Apply

Tacoma VA Cashout Refinance Loans

Cash-Out VA Mortgage Refinance Lender
  • Appraisal Required
  • Primary Residence Only
  • Max Loan to Value Limits Apply
  • Max Loan Limits Apply

Tacoma Conventional Cashout Refinance Loans

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

Tacoma Jumbo Cashout Refinance Loans

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

Tacoma Native American Cashout Loans

Cash-Out Native American Mortgage Refinance Lender
  • Appraisal Required
  • Max LTV Cash-out Limits Apply
  • State & County Restriction
  • County Loan Limits 

Tacoma Reverse Cashout Refinance Loans

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

Tacoma Home Purchase

Thinking of Buying an Tacoma 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

Tacoma renovation home loans

Looking to Rehab an Tacoma 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

Tacoma FHA Home Loans

Great for 1st Time Tacoma 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

Tacoma VA Home Loans

100% Financing for Tacoma 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

Tacoma Conventional Home Loans

Flexibility for Tacoma 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

Tacoma Jumbo Home Loans

Tacoma 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

Tacoma USDA Home Loans

100% Tacoma Rural 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

Tacoma Native American Home Loans

Tacoma 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

Tacoma Manufactured Home Loans

Great Alternative Tacoma Housing

Tacoma reverse mortgages

Your Tacoma 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

Tacoma Non QM Home Loans

Making Tacoma 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

Tacoma One Time Close mortgages

Build Your Tacoma 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

Tacoma Refinance Mortgage Loans

Tacoma 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

Tacoma Cash-out Home mortgages

Tacoma 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

Tacoma Washington Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

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