REFINANCE or CASH OUT REFINANCE
Capstone can help you with lowering your rates, or your payments with the historically low rates currently being offered. Work with one of our Loan Officers to see what option would work best for your needs. Your house would need to appraise for more than your loan request. Ask about our No Cost Option.
Cashing out refers to the refinancing of a loan where the borrowers will borrow money on their own home. If a home is appraised at $100,000 and the borrower’s outstanding mortgage loan is $60,000, it is possible to enter into an 80% cash-out refinance transaction for a loan of $80,000 (80% of $100,000). The new mortgage of $80,000 will pay off the $60,000 loan and leave $20,000 cash-out to the borrowers.
What are the benefits?
By cashing out on your home, you can obtain cash on the value of your own home to pay off debts or upcoming expenses. The refinance transaction can also provide you with a better mortgage loan interest rate that will save on your monthly mortgage payments during the loan. And it’s tax-deductible.
How can we help?
If you are looking for this type of refinancing,Capstone Mortgage can find a program suited to your financial needs. We offer cash-out programs for Owner-occupied homes, Non-owner occupied homes, with low, affordable rates.