Cash Out Loans In Texas

If you have built up sufficient equity in your home, Cash-Out Refinancing may provide an opportunity to refinance your existing mortgage and receive a lump sum.

Learn the key differences between a cash-out refinance and home equity line of credit (HELOC) and see what could be the best option for you.

Cash Out Refinance What Is a Cash-Out Refinance? A cash-out refinance is a refinancing of an existing mortgage loan, where the new mortgage loan is for a larger amount than the existing mortgage loan, and you (the borrower) get the difference between the two loans in cash.

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In the state of Texas once you have completed a cash-out or home equity loan on your homestead or primary residence the maximum loan-to-value (LTV) allowed thereafter is 80%. This restrictive ruling is actually part of the Texas Constitution (see section 50 (a) (6) article XVI).

Cash-out Refinance Rules. In Texas, refinance transactions where borrowers wish to receive cash are limited to 80 percent loan-to-value (LTV). This means a new loan amount cannot exceed 80 percent of the value of a home. A loan-to-value ratio is calculated by dividing the new loan amount by the value of the property.

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Cash Out Refinance Loans. When someone talks about cash-out refinance loans, they are referring to a home mortgage where the borrower receives cash back at closing after paying off the first mortgage, any liens, and any closing costs. In Texas, the maximum loan amount of any owner-occupied cash-out refi loan cannot exceed 80%.

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Rules For Cash Out Refinance The following are acceptable uses for cash-out refinance transactions: paying off the unpaid principal balance of the existing first mortgage; financing the payment of closing costs, points, and prepaid items.

A Texas cash-out refinance loan is also called a Section 50(a)(6) loan. With this option, you refinance your current mortgage while also tapping into your home’s equity.