Lump Sum Distribution in Denver

Lump Sum Distribution in Denver

For homeowners who need cash on hand, US Mortgages offers lump sum distribution in Denver for several types of home equity loans. Learn several different ways to get fast cash, in your wallet, when you need it. There are three types of home equity loans. Find out more below!

HELOC

A HELOC loan </denver-home-loan-financing-programs/home-equity-line-of-credit-heloc> is designed similarly to a credit card. The homeowner is given access to a set amount of money, but is not required to pay interest on it until the money is taken out and spent. Once the homeowner is qualified, they can pull from their own funds whenever needed, and make payments back when possible.

Home Equity Loan

For large, one-time purchases, a home equity loan is the perfect way to retain your current mortgage and receive a lump sum payout. Home equity loans have a fixed interest rate, higher than HELOC loans, but are also typically tax deductible on loans up to $100,000. Home equity loans are repaid in fixed monthly payments, on both the interest and the principal.

Cash Out Refinancing

Cash Out Refinancing allows homeowners to refinance their mortgages and come out with a lump sum on hand. Instead of taking out an additional loan on their home, homeowners refinance their current mortgage so that their new mortgage is larger than the previous. The difference between the new and old loans is paid out to the homeowner in cash. Cash out refinancing is typically tax deductible and in addition to providing a lump payment, can be used to lower interest rates on the current mortgage.

Which home equity loan offers lump sum distribution in Denver?

Equity loans and cash out refinancing offer lump sum distribution to Denver homeowners. Equity loans are a new loan on a home, on top of the original mortgage, whereas cash out refinancing is a restructuring of your current mortgage.

HELOC Equity loans are not designed to offer lump sum distribution.

About US Mortgages

For over 20 years, US Mortgages has been helping thousands of Coloradans secure the home loan they need to improve their family's financial situation. We promise to work with you to provide you the loan that most closely fits your needs, at the best possible interest rate. Give us a call directly or let us know how to get in touch with you to get started.

Pre-Qualify In Minutes, With No Impact To Your Credit Score

With just some basic information, you are on your way to your new Home. In most cases, our agents will call you in a few minutes to get things started. In some rare events it could be up to 24 hours. We always try to call between 8am and 5pm MST, so we don’t disturb you after hours. If you would prefer we did call outside those ours, please just add in a note and we will be happy to oblige.

Why should I get pre approved for my home loan or refinancing?

Home loan pre approval in Denver simplifies the loan process. Preapproval allows a lender to see a full 360 degree view of the borrower's financial situation, enabling us to advise borrowers on all home loan considerations. This helps us identify which loan we offer is the best fit for the borrower. Prequalification allows borrowers to pursue the loan that's best for them and their financial situation.

How can I get ready for home loan prequalification in Denver?

Excellent question! A great place to start is by understanding what lenders look at. For the most part, lenders look at 4 things. The first is your FICO credit score which includes your payment history, credit utilization and the length of your credit history. The second is your income with respect to your monthly housing costs. The third is the number of current loans you have and their status. The fourth and final thing lenders consider is the percentage of the cost of the home you're looking to purchase that you can put as a down payment. Get ready for prequalification by understanding your status in these areas and identifying what you can do to improve them before buying a home.

About US Mortgages

US Mortgages has been securing mortgage pre approval in Denver for over 20 years. Let us know how to reach out to you, or give us a call today.

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Pre-qualification means one of our mortgage specialists will contact you. This does not represent an offer to enter into a loan agreement. Loans subject to credit and property approval. Normal credit qualifications and other terms and conditions apply. Not all loan products or terms are available in all states.