Home Equity Loans

Home Equity Loans are also known as "cash-out refinance" loans, and in Texas they are also referred to as "Texas cash-outs" or a "Texas A(6)", referring to the article of the law that governs mortgages in Texas.  In Texas, there are many onerous rules that govern a home equity loan on a primary resdence and make it unique to other states.  But the two main rules that you really have to watch out for are:

you are limited to 80% of the value of the home when you are pulling cash out of a primary residence. If either your first or second lien is designated an "A(6)" loan, the sum total of all loans on that property cannot be above 80% of the value of the home at the time the home equity loan was taken out.

your closing costs are limited to 3% of the loan amount when you are pulling cash out of a primary residence. Closing costs refer to any and all non-recurring charges that you would not incur if you did not refinance. The only exception to this are any discount points you pay to reduce your interest rate - those are not subject to the 3% rule.
 


Apply Now

Return to Loan Options

 

Quick Quote

Get your FREE
quote in just
seconds!

clock

 
 
No errors
 
 
No errors
 
 
No errors
 
 
No errors
 
 
 
No errors
 
 
No errors
 
 
No errors
 
 
No errors
 
 
 
secure

Trusted. Experienced. Secure.