When it’s time to take care of home improvements, payoff debt, credit cards, or finance a major purchase, a home equity loan may be the perfect option.

A home equity loan in Texas is a type of loan in which the borrower uses the equity of the home as collateral. The loan amount is determined by the value of the property, and the value of the property is determined by an appraiser from the lending institution.

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.

What are the benefits?

By cashing out on your home, you can obtain cash from your home to payoff 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.

How can we help you with a Texas Cash Out Loan?

If you are looking for this type of  cash out refinance, Texas Premier Mortgage can find a program suited to your financial needs. We offer cash-out programs for primary residence, 2nd homes and investment properties with low and affordable rates. As a mortgage broker we have access to the newest and best loan options.

With a Texas Premier Mortgage Home Equity Loan you can several benefits:

• Enjoy a fixed interest rate for the life of the loan
• Receive your funds in a lump sum, you get the full loan amount after 3 days of closing
• Choose from a variety of loan terms
• Make fixed monthly payments of principal and interest
• Have a predictable payoff schedule or payoff early
• Pay down additional principal balance at any time without penalty

Cash Out Mortgage Program

The cash out program would include getting a loan to refinance your existing mortgage. The loan fees are rolled into the loan and you would get the additional funds out from the equity in your property to pay off any other items.

Funds can be used to include:

• home repairs
• college costs
• consolidating other debt
• investment opportunities
• starting a business

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.