The Texas Home Equity loan refinance allows you to cash-out the equity in your homestead up to a maximum of 80% of the value of the home. Your value will be based on an appraisal of the property.  This is Texas law!

You can payoff your current mortgage & closing costs and receive cash from the loan funds or we can have the title company pay off your debts with the cash when the loan funds. In some cases, the later may be necessary to qualify for the loan.

If you currently have a home equity loan and want to refinance it for a lower rate or to take more cash out of your home, you will have to refinance with a home equity loan. And remember, you cannot refinance a home equity loan for 12 months from the date you closed & funded on the loan. These are requirements of Texas law.

What you need to do

• Submit a form to us. (A Good Faith Estimate will be emailed to you)
• Review GFE and call us to lock in your interest rate. (Interest rates can change until locked)
• Review, sign and return your loan papers and documentation to us. (Needs to be returned within 72 hours of receipt of papers)
• Go to the title company to close your loan.
• You can pick up your check at the title company after the 3-day Right of Recission period.
  
  Click here to see a general list of the documentation you will need to send to us with your loan papers.

Below is a general list of the guidelines for Texas Home Equity loans. If you don't find the information you are looking for, please email us your questions for further help.

• Available for your Texas primary residence, registered as your homestead.
• Cash out the equity in your home up to an 80% LTV.
• Strictly limited to properties with 10 acres or less.
• 1 unit, Single Family Homes, townhouses and condominiums. No Doublewides.
• Conforming loans to $417,000, maximum cash $417,000.
• Jumbo loans to $1,000,000, maximum cash $200,000.
• Stated Income available.
• Interest rates are about 0.25% higher than regular conforming rate/term refinance rates for conforming loans.
• Closing costs are limited to 3% of the new loan amount by state law. This does not include escrows. On smaller loan amounts this may require us to increase your interest rate to cover closing costs in excess of the 3%.
• Minimum loan amount we can finance is $50,000+.
  
  Notes:
  1. Texas law states that once you have a home equity loan it can only be refinanced with another home equity loan. Even if you aren't taking any more cash out of your home.
  2. A home equity loan cannot be refinanced for 12 months from the date of closing.

It only takes a few minutes to see how much refinancing your home and high interest loans will save you. Just complete our simple form and a Good Faith Estimate will be emailed to you for your review. Don't wait. Interest rates change daily. Take advantage of these historically low rates while they last.

Please email or call our office for additional information.