Texas Cash Out Refinance: Your Path to Financial Flexibility
Whether it’s debt consolidation, home upgrades, or unexpected expenses, let your home’s equity open new opportunities.
Lower Your Interest Rate
Reduce Your Loan Term
Pay Off Higher Rate Debt
Fund Home Improvement
Eliminate 2nd
Liens
Maximize Your Home Equity with a Cash Out Refinance in Texas
A Texas Cash-Out Refinance allows homeowners in Texas to refinance their current mortgage while simultaneously withdrawing a portion of their home equity in the form of cash. This type of refinancing allows homeowners to take advantage of lower interest rates, improve their cash flow, and make home improvements or pay off debts.
It’s important to note that there are strict regulations and guidelines for Texas Cash Out Refinances, so it’s crucial to work with a reputable Texas Cash-Out lender and seek professional advice to ensure a smooth and compliant process. We are based in Texas and our owners graduated from major Texas Universities such as Texas A&M and the University of Texas. As an experienced Texas Cash-Out Lender, we can help you navigate the complicated Texas Cash-Out laws and access your equity smoothly and easily.
Overall, a Texas Cash Out Refinance can be a valuable financial tool for homeowners in Texas.
| Feature | Details |
|---|---|
| Minimum FICO Credit Score | 660 |
| Maximum Loan-to-Value (LTV) | 80% |
| Maximum Debt-to-Income (DTI) | 45%* |
| Mortgage Insurance | Not Required |
| Years Since Bankruptcy | 4 Years |
| Years Since Foreclosure | 7 Years |
| Years Since Short Sale | 4 Years |
| Special Requirements | Available in Texas Only |
How Our Texas Cash Out Loans Works
Tailored Loan Options for Texans
Unlike out-of-state lenders unfamiliar with Texas home equity laws, we are a Texas-based company with deep expertise in helping homeowners take cash out of their property. Whether you’re looking for a conventional, jumbo, investment property, or a multi-family cash-out refinance for 2–4 unit owner-occupied properties, we’ve got you covered.
Equity Requirements and Adjustable Rates
In Texas, all owner-occupied primary residence cash-out loans must meet the strict requirement of maintaining at least 20% equity. This regulation also applies to refinancing earlier cash-out loans.
Competitive Rates to Maximize Your Savings
Hurst Lending offers competitive interest rates for Texas cash-out refinance loans. Whether you’re seeking a conventional or jumbo cash-out loan, we make it simple and affordable to unlock your home equity.
Access Your Home Equity in 3 Simple Steps
Applying for a Texas Cash Out Refinance with Hurst Lending is a simple and streamlined process:
1. Check Your Eligibility
Not sure if you qualify? Hurst Lending can help you assess your eligibility, including confirming you have at least 20% equity in your home and meeting credit score requirements. Our team will guide you every step of the way to ensure you’re set up for success.
2. Submit Your Application
Complete our quick and straightforward application process, and schedule a property appraisal to determine your home’s current value.
3. Access Your Funds
Once approved, close your loan and gain access to the cash you need—whether it’s for home improvements, debt consolidation, or unexpected expenses.
With our expertise in Texas-specific cash-out refinance laws, Hurst Lending makes it easy to unlock your home’s potential while staying compliant with state guidelines.
Turn Your Home’s Value into Opportunity
Explore how a Texas Cash Out Refinance can help you achieve your financial goals.
Transparent and Competitive Fees for Texas Cash Out Refinances
Understanding the costs of a Texas Cash Out Loan is essential. At Hurst Lending, we offer transparent, competitive fees with no hidden surprises.
What to Expect:
- Typical Fees: Appraisal, title insurance, and attorney fees
- Closing Costs: Can be rolled into your loan so you avoid out of pocket expenses.
We provide an upfront cost breakdown to keep things simple and stress-free.
Why Hurst Lending?
- Texas Lender who understand Texas Cash Out Laws
- Transparent pricing with no hidden fees.
- Personalized guidance through every step.
- Competitive rates that save you money.
Our Clients Say It Best
FAQs About Our Texas Cash Out Refinancing
What is a Texas Cash Out Loan?
A Texas Cash Out Loan allows homeowners to refinance their current mortgage while taking out a portion of their home equity as cash. Under Texas law, you must leave 20% equity in your home after the refinance, ensuring financial security for homeowners.
How much equity can I take out of my home?
You can borrow up to 80% of your home’s appraised value while leaving at least 20% equity in your home. For example, if your home is worth $300,000 and you have $150,000 in equity, you can borrow $90,000, leaving $60,000 in equity.
How often can I take cash out of my home?
In Texas, you can take cash out of your home equity once per year, provided you meet the 20% equity requirement.
Does this rule only apply to my primary residence?
Yes, Texas cash-out refinance laws apply only to your primary residence. These rules do not regulate second homes or investment properties, although some lenders may set their own policies for these property types.
Can I refinance my home after getting a Texas Cash Out Loan?
Yes, you can refinance after receiving a Texas Cash Out Loan. As of January 1, 2018, you are no longer required to use a Texas Cash Out Loan for subsequent refinances if no additional cash is taken out. You may use a standard rate-and-term refinance.
Can I take out a second lien after getting a Texas Cash Out Loan?
No, Texas law allows only one home equity loan at a time. However, you can refinance your existing loan into a new Texas Cash Out Loan if you need to borrow more from your property.
How long does it take to get a Texas Cash Out Loan?
The full process typically takes 30-45 days. Texas law also requires a 12-day waiting period (known as the “12-day letter”) from the start of the application until closing, ensuring homeowners fully understand the loan terms.
What are the closing costs for a Texas cash-out refinance?
Closing costs for a Texas cash-out refinance typically range from 1% to 3% of the loan amount, depending on the lender and the specifics of your loan. These costs may include:
- Origination fees
- Appraisal fees
- Title insurance
- Settlement fees
It’s important to ask your lender for a detailed breakdown of the closing costs so you can factor them into your financial plan. Hurst Lending strives to provide competitive rates and transparent pricing to minimize your expenses.
Can I use a Texas cash-out loan for debt consolidation?
Yes, a Texas cash-out loan is an excellent option for consolidating high-interest debt, such as credit card balances or personal loans. Refinancing with a cash-out loan can combine multiple debts into a single, lower-interest payment. This can:
- Reduce your monthly payments
- Save money on interest over time
- Simplify your financial obligations
However, it’s essential to ensure that consolidating debt aligns with your long-term financial goals. Our team at Hurst Lending can help you evaluate whether this option makes sense for your situation.
Secure Your Financial Freedom
Apply now and take the first step toward leveraging your home’s equity with a Texas Cash Out Refinance tailored for your needs.
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