Texas Cash Out Jumbo Refinance
One of the most frequent questions we get from our customers is “Can I get a jumbo Cash-Out loan in Texas?”
First, a couple of definitions:
What is a jumbo loan? A jumbo loan is simply any home loan for more than $510,400.
What is a cash out loan? Also known as a cash out refinance, the term refers to refinancing your home and, in the process, getting some of your accrued equity back in cash. In the end, the amount you owe is increased (by the amount of equity you took out) but, with today’s interest rates, your rate is likely lowered.
So, any cash-out loan over $510,400is classified as a jumbo cash-out refinance. While many lenders do not offer cash out jumbo loans in Texas, Hurst Lending and Insurance’s Texas Cash Out loan experts offer a number of Texas jumbo cash out loan options for customers who are interested in taking cash out of their homes.
You can get a Texas jumbo cash-out loan to help you:
- consolidate debt,
- purchase a new car,
- buy a second home or investment property,
- start a new business, or
- fund other dreams.
Many Jumbo Loan lenders do not offer cash out jumbo refinance options in Texas due to the Texas Home Equity laws. We offer both fixed jumbo cash out mortgages and adjustable cash out jumbo loans. We also offer conventional cash out mortgages (these are loans under $510,400 in Texas) as well.
All Texas Cash Out loans require an applicant to have at least 20% equity in their home and the same rule applies to jumbo cash out loans or to refinance of prior cash out loans. The interest rates on conventional and jumbo Texas cash out mortgages are very competitive.
Please note that if you have ever taken cash out of your home in Texas, you need to get another Texas cash-out loan when you refinance even if you do not take out additional funds. As we mentioned above, Texas cash out refinance laws are a bit complicated (“once a Texas cash out loan, always a Texas cash out loan” is a good way to understand the Texas law on this issue) so a good portion of jumbo investors simply do not offer them or will not offer ARM cash out loans on either the jumbo or conventional side. At Texas Cash Out by Hurst Lending, we 0ffer cash out jumbo loans with both fixed and adjustable rates.
To get a quote for a cash out jumbo refinance or cash-out conventional loan, please click the button below or call us toll-free at 877-292-7350. We would love a chance to see what scenario might work the best for you.