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What is Cash Out Refinance Texas ?
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Cash-Out Refinance Benefits
A Cash-Out refi offers many benefits, including:
Lower monthly payments on your mortgage
If your home has appreciated over time, you may want to lower your monthly mortgage payment by reducing your loan’s interest rate. A cash-out refi can help you do this.
Lower interest rates
If you have bad credit or are looking for a lower interest rate, you can opt for a cash-out refi to pay off your bad debts. It allows you to get a better deal on your mortgage and save money over time.
Free up cash for other uses
You can use some of the money from your refinance toward other financial goals like retirement or college savings for your children. Refinancing will allow you to pay off those accounts and save monthly money.
What's Unique About Cash Out Refinance Texas?
First, you cannot use the money from your Texas cashout refinance to buy a second home or investment property. It’s because Texas has laws that prevent people from using their homes for speculative investing.
Next, you will have to pay a fee on top of the interest rate reduction if you take cash out of your mortgage. The amount varies based on how much equity in your home exists and how long until it expires (if applicable).
Finally, they will not allow cash-out refinances if you are refinancing with a Fannie Mae or Freddie Mac loan.
How Can the Gentry-Vansa Team Help You?
The Gentry Vansa Team can help you take advantage of the program and save money. We understand the rules and regulations of Texas Cashout Refinance and will help you navigate them to make the best decision possible. Our team will also help you determine the right time to take advantage of the program.
We are a full-service mortgage company with hundreds of years of combined experience in the industry. We understand how to get the best loan, regardless of your credit history or financial situation.
Learn more about Texas Cash-out Refinance. Get in touch with us today!
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