When you need money and don’t want to pull it from your savings or IRA account a Home Equity loan is a great way to get cash out from your home. The process is simple and we will add the amount of cash out you want to your existing loan balance creating a new loan. The Home Equity Loan process includes getting a new appraisal based off of the current market value of the property. Once that is established here in Texas we can lend you 80% or less of the value of the appraisal. If your loan balance is over 80% of the appraised value you would not qualify to get cash out of your home.
Home Equity Loan in Texas
Fixed Rate Conventional Mortgages offer the confidence of knowing your rate and payment will not change for the term of your loan. This is great for anyone planning on being in their home for a longer period of time.
Cash Out Refinance in Texas
We can help you with lowering your rates, or your payments with the low rates currently being offered. Work with one of our Loan Officers to see what options work best for you. Your house would need to appraise for more than your loan request. Let’s review a scenario below:
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 $200,000 and the borrower’s outstanding mortgage loan is $120,000, it is possible to enter into an 80% cash-out refinance transaction for a loan of $160,000 (80% of $200,000). The new mortgage of $160,000 will pay off the $120,000 loan and leave $40,000 cash-out to the borrowers. Offering Texas Cash Out Loans, Home Equity Loans in Houston Texas Area.
With a cash out refinance you are paying off your current home loan as well as receiving additional funds back at closing. The cash out mortgage refinance options offers help by using the value of your home as a collateral for a new loan.
Advantages of a Texas Cash Out Refinance Loan
- Paying off higher interest rate bills and credit cards
- Making home improvements
- Paying for college
- Taking a dream vacation
- Purchasing a vehicle
- Retirement and investing opportunities
- Use the equity in your home to start a business or advertise
For more information about getting cash out from your home loan, the benefits and loan options and how it may apply to you, please contact us direct at 281-627-4222 or submit the quick quote form on this page.
