Home Equity Loans and Cashout Refinances

If you are a homeowner with equity in your property, Texas Mortgage Line has a variety of mortgage programs that will help you to convert value (equity) in a property, into cash or a credit line.

Equity – Is the market value of a property, less the existing liens.

A “cash-out refinance” is refinancing your current mortgage for more than you presently owe, and keeping the remainder.

A “home equity loan” is a second loan, along with your current mortgage loan.

A “HELOC” or home equity line of credit can be a first lien, or a second lien along with your current mortgage.

In Texas, a cash-out refinance on your personal home has some guidelines a borrower should be aware of. A personal home is “sacred” in the state of Texas. Texas was the last state in the Union to allow cash-out refinancing on personal homes. One of the terms used to describe these programs is a “Texas Cash-Out”. For a personal home or owner occupied property, a borrower may only mortgage up to 80% of the independently appraised value of the property when taking cash out.

When applying for a cash-out refinance for investment residential properties, or non-owner occupied properties, a borrower usually can find financing up to 75% of the market value of those properties.

If you are considering transforming equity in a property to cash, call us at the Texas Mortgage Line for a consultation on what might be the best mortgage program to suit your needs!

Lee Penn | Texas Mortgage Line. Com | 281.701.1655