Capital Home Mortgage Tacoma

Tacoma refinance Home Loans

REfinance Mortgage Lender Tacoma

Rate & Term Refinance In Tacoma

Refinancing a mortgage entails replacing the existing terms of a mortgage loan with new, typically more favorable terms. Typically, borrowers refinance their mortgages to obtain reduced monthly payments, to adjust the loan’s duration, or to switch between fixed- and adjustable-rate mortgages. Refinancing is frequently prompted by fluctuations in interest rates, which can result in substantial cost reductions.

There are various refinancing options, including cash-out refinancing, which allows borrowers to access the equity in their house, and cash-in refinancing, which reduces the loan amount. Consolidation refinancing, in which numerous debts are consolidated into one, is another type of refinancing. Modifying the interest rate, paying off other mortgages, financing closing fees, co-owner buyout, and getting a small cash sum are all possible with limited cash-out refinancing.

What is a Rate and Term Refinance?

A rate-and-term refinance, sometimes known as a “no cash-out refinance,” is a type of refinancing that modify the interest rate or term of an existing mortgage without getting funds at closing. The primary goal of this technique is to reduce monthly payments, which falling market interest rates may influence.

The process enables homeowners to improve the conditions of their existing mortgage and save money on interest payments. They can also seek rate-and-term refinancing to lower their payments or establish better loan terms. This type of refinancing can assist in reducing interest payments, increasing equity, and eliminating the need for mortgage insurance.

Generally, a rate-and-term refinance is preferred when a homeowner’s credit score improves, market interest rates decline, or the homeowner’s adjustable-rate mortgage faces an increase in interest rates. It generally offers more favorable lending terms and entails less risk than a cash-out refinance, which involves taking equity out of the property and increasing the mortgage balance.

Rate and Term vs. Cash-Out Refi

Rate-and-term and cash-out refinance are two mortgage refinancing alternatives for homeowners based on their financial goals and circumstances.

  • Rate and Term Refinance

A rate-and-term refinance entails exchanging your current mortgage terms for more favorable ones without increasing the loan amount. It enables a smaller monthly payment and possible interest savings. When interest rates fall, homeowners typically opt for rate-and-term refinances, resulting in lower interest payments and potentially a shortened loan term. Refinancing can also be advantageous if the homeowner wishes to convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage or eliminate mortgage insurance. However, it is essential to note that rate-and-term refinancing may extend the loan terms and incur closing costs.

  • Cash-Out Refinance

A cash-out refinance, on the other hand, increases the mortgage amount, allowing homeowners to withdraw cash from the equity in their house. It will enable homeowners to access their home equity by borrowing more than they owe and receiving the difference in cash. The extra revenue can be utilized for various purposes, including investing, retirement savings, and college money. This form of refinancing can also assist homeowners in repaying higher-interest debt while providing no tax benefits.

While cash-out refinancing can provide extra cash flow, it is usually more expensive than rate-and-term refinancing. Because they offer more risk to the lender, cash-out refinance loans often have higher interest rates than rate-and-term refinances. This is because the homeowner borrows more with a cash-out refinance, increasing the lender’s risk. Additional fees or higher interest rates may apply based on the homeowner’s credit score and equity proportion. In addition, there is the possibility of foreclosure and closing expenses, and private mortgage insurance may be required for loan-to-value (LTV) ratios greater than 80%.

Types of Rate and Term Refinance

Different rate and term programs are available depending on the type of loan a borrower needs. Among them are the following:

  • Conventional Rate & Term Refi

A conventional rate and term refinance, also known as a rate and term option, is a type of refinance in which you may modify the terms of your existing loan to more advantageous terms. Lenders usually require a credit score of 620 or better.

  • FHA Streamline Refinance

The Federal Housing Administration (FHA) offers a mortgage refinance product called an FHA streamline refinance loan. It enables you to replace your current FHA loan with a new FHA loan that has a lower interest rate, better terms, or a lower monthly payment than your existing FHA loan.

The term “streamline refinance” relates simply to the amount of documentation and underwriting the lender needs to undertake; it does not imply that the transaction is free of fees. Borrowers may choose not to provide income and credit documents in exchange for a reduced interest rate discount. The fact that a new appraisal is optional results in significant time and cost savings. Mortgages refinanced using the Streamline Refinance program may not be refinanced with cash.


A VA Interest Rate Reduction Refinance Loan (IRRRL) is a mortgage refinance program for veterans with existing VA home loans. The program enables homeowners to refinance their debt at a reduced interest rate, reduce their loan term, or convert an adjustable-rate mortgage (ARM) to a fixed-rate mortgage. The VA Streamline Refinance Program is another name for the IRRRL.

The terms VA IRRRL and VA Streamline are frequently used interchangeably. Lenders use the word “streamline” to imply that the IRRRL process is more straightforward and practical than other refinancing options.

  • USDA Refinance 

A USDA refinance program enables you to replace your existing direct or guaranteed USDA loan with a new USDA loan. This can be done to benefit from reduced interest rates. The USDA provides three refinancing options: USDA streamlined assist refinance, USDA streamlined refinance, and USDA Rural Refinance Streamline Pilot.

The USDA streamlined-assist refinance is a popular choice that does not require an appraisal or income verification, and some lenders may not even need a credit check. This program offers the simplest method to refinance a loan for USDA mortgage holders.

To refinance a USDA loan, the current loan must have been paid on time for 12 months before the refinancing request. Before you can refinance a USDA loan that the federal government guarantees, you must wait 12 months.

Apply for a Tacoma Rate and Term Refinance

Capital Home Mortgage assists clients in acquiring the most suitable loan products for their particular needs. We work directly with you to ensure a seamless mortgage process from beginning to end. Additionally, as a direct mortgage lender, we can offer loans with flexible underwriting, competitive interest rates, and reasonable fees. 

Call 803-600-0088 to speak with our Tacoma Home Loan Specialists for your questions about rate and term refinance.

Washington Refinance Mortgage Lender

Welcome to Capital Home Mortgage Washington.  Thinking about refinancing?  Cashing Out Equity? or Shortening your mortgage term?  No matter the goal Capital Home Mortgage has the loan program.  As a direct lender, which means Capital Home Mortgage underwrites and approve your home loan.  This control of the loan process and loan approval allows for streamline operations resulting in a quick and stress-free experience.

Ready to get started?  Call now and one of our mortgage professionals will answer your questions and walk you through the application.  Thank you for allowing us the opportunity to provide your home refinancing needs

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 VA refinance Home Loans

VA Refinance Mortgage Lender

Proudly Serving Active Duty, Retired and Disabled Veterans to Save Money.  Call today to speak to a VA loan officer.

VA Streamline Refinance

  • VA IRRRL Rate & Term
  • Streamline Option
  • No Appraisal Required
  • No Income Verification

VA Standard Refinance

  • Cash-Out or Loan Conversion
  • Full Documentation
  • Appraisal Required
  • Income Verification Required

Tacoma FHA Refinance home Loans

FHA Refinance Mortgage Loans

FHA offers a streamline refinances that simply reduces the interest rate and lowers the payment or shortens the term of the loan.  This rate and term option can be fully documented loans, or can be reduced documentation. The other FHA option is a cash-out refinance allowing homeowners the ability to access the equity in the property.

FHA Standard Refinance

  • Appraisal Required
  • 97.75% Max Loan to Value
  • Closing Costs Can Be Rolled In
  • 80% Max Loan to for Cash-out
  • Cash-out Option Available
  • County Loan Limits Apply

FHA Streamline Refinance

  • FHA to FHA
  • No Income Qualification
  • No Appraisal Required
  • Closing Costs Cannot Be Rolled In
  • No Lates on Mortgage in Last Year
  • Payment Must Drop on Fixed Rates

Tacoma Conventional Refinance Loans

Conventional Refinance Mortgage Lender

Conventional Refinance Loans are used for more refinances than any other type of mortgage loan. This is due to Conventional loans allowing for all occupancy and property types and typically don’t require any mortgage insurance due to loan to value requirements. Conventional mortgages due require higher credit scores but offer better rates.  

  • Freddie Mac or Fannie Mae Insured
  • Primary, 2nd or Investment Homes
  • Single and Multi Family
  • Condo’s and Manufactured Homes
  • Mortgage Insurance Options
  • Lower Rates & Flexible Terms
  • Maximum Loan Amount – $766,550
  • High Balance (Varies By County)

Tacoma Native American Refinance Loans

Native American Refinance Mortgage Lender

HUD 184 Refinance Home Loans can streamline rate & term, equity cash-out, or Rehabilitation of current residence.

Cash-Out or Renovation

  • Appraisal Required
  • 97.75% Max LTV for Rehab
  • 85% Max LTV for Cash-out
  • County Loan Limits Apply

Streamline Refinance

  • HUD 184 to HUD 184
  • No Income Qualification
  • No Appraisal Required
  • No Mortgage Lates in Last Year

Tacoma USDA Refinance home Loans

USDA Refinance Mortgage Lender

USDA Loans Can only be USDA to USDA, meaning you must have a current USDA loan to refinance the loan either as a rate and term or cash-out or renovation.

USDA Non Streamlined

  • Appraisal / Income Documents 
  • Max LTV Equal to Appraisal
  • Closing Costs Can Be Rolled In
  • County Loan Limits Apply

USDA Streamline Refinance

  • No Appraisal / Income Docs Required
  • Closing Costs Can Be Rolled In
  • No Lates on Mortgage in Last Year
  • Payment Must Drop on Fixed Rates

Tacoma Reverse Mortgage Refinance

Reverse Refinance Mortgage Lender

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
  • 62 Years or Older
  • Required Hud Counseling
  • Homeowners Insurance Required
  • Must Continue to Pay Taxes
  • Meet Required Equity Values
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

Jordan Mowrey

SR Loan Officer
NMLS 210325

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