Fast and Affordable Texas Mortgage Refinancing
Texas Mortgage Home Loan Refinancing - Low Rates, Low Fees & Fast Closings
Texas Cash Out Refinance
We specializes in mortgage refinance and Texas Cash Outs. Cash out refinancing is a great way to fund home improvement projects, consolidate debt from high interest credit cards or free up money for discretionary purchases. A cash out refinance will enable you to free up equity for other expenditures. It’s up to you on how you spend the money, but it’s best to use your funds on long-term needs instead of short-term expenses. You have to consider that accessing funds means you will pay back the money, with interest over the life of the new home loan. Call today to see if a cash out refinance is right for you.
Cash Out Refinancing - How to Use
Consolidate credit card debt or personal loans
Pay for renovations or home improvements
Make a down payment on an investment property
Make a down payment on a 2nd home
Discretionary Purchases
Cash-Out Refinance in Texas (2024)
Texas cash-out refinancing rules are a little different than in other states, but they’re no longer as strict as they used to be.
To qualify you must have a decent credit and better than 80% loan-to-value. If you meet these two requirements, in most cases you should be able to refinance your mortgage and pull cash out from your home. And with equity levels rising across Texas, many home owners will easily meet those requirements. Call today to see if a Texas Cash Out is right for you.
Texas Cash Out Rules to know:
Limited closing costs — Closing costs charged by your lender cannot exceed 2% of your loan amount. This does not apply to third-party closing costs like attorney fees, appraisal fees, and title insurance fees.
80% Max LTV (Loan to Value)— Your new loan amount cannot exceed 80 percent of your home’s value. That means you must leave 20 percent equity untouched when cashing out. For example, if the value of your home is $400,000, you could borrow up to $320,000.
Second mortgages (and all liens) must be paid off — If you already home equity line of credit (HELOC) or home equity loan, your new cash-out refinance will have to pay off these loans first.
6 Month waiting period — You’re eligible for a cash-out refinance in Texas only when you’ve had your existing mortgage at least six (6) months. Also, you are not eligible for a new cash out unless it’s been 12 months since your last refinance.
Must wait 7 years after a foreclosure, bankruptcy or short sale- Before you can qualify for a Texas cash-out refinance.
FHA, VA and USDA- loans are not permitted under Section 50(a)(6) rules
Texas cash-out rules only apply to your primary residence- This means your investment or second homes are not bound to these rules.
Why Ryan Gibson Mortgages?
Located in Van Alstyne, Texas, we specialize in new home purchases and refinancing of homes in the DFW area. We partner with more than 25 different lenders to provide you with the most diverse and affordable loan options possible. We are happy to work with you to find a lending solution that works for you. Give us a call today and we can give you a no cost estimate.