Home Equity Loan – Get Cash Out From Your Home
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 pretty 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.
Advantages of Getting Cash Out
- Investing the money
- Taking a vacation
- Paying of credit cards
- Paying of medical bills
- Updating the house
- Building a pool
- Putting it in the bank
- Saving money
- Roll the closing costs in the loan
- No money out of pocket
- Possible tax deductions
Disadvantages of Getting Cash Out
- Raising your loan balance
- Using the money for the wrong reasons
- Loaning the money to friends & family
- Taking a higher interest rate if the market is higher
Getting cash out is ideal for anyone who has equity built up and is looking to take advantage of the benefits. With increasing home values it’s a great way to finance large purchases or consolidate smaller debts. We’ll help you walk through the various loan scenarios to determine the right course of action. We only use local appraisers in your area that are knowledgeable and experienced to get the correct value on your property. This will allow us to maximize your cash out if needed or get you better loan terms with the rate and fees.
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.