"How Will I Pay This Huge Bill?"
You just found out you're having a baby-you're ecstatic, yet worried. Your home isn't big enough for another child. You want to build an addition, but how can you afford a remodel?
We have your answer. Georgetown Mortgage can help you receive the funding for your remodel or extra bills through a cash out refinance loan also known as a Texas Cash Out Refinance.
How Does Texas Cash Out Refinance Work?
Your Texas Cash Out Refinance loan, or 50(a)(6) loan, will convert the equity in your primary home into cash by borrowing money secured from a lien on your home.
- Equity is the difference between the fair market value of your home and the total of all your debts against it.
- For example, if you own a $100,000 home and still owe $40,000, you have $60,000 in equity.
In Texas, there are special rules about pulling cash out of your primary home, such as you can't borrow against more than 80 percent of the home's value, and homeowners with 20 percent or less equity in their homes are not eligible for home equity loans.
Georgetown Mortgage is from Texas, so you can be certain we'll navigate you through how to refinance with Texas Cash Out.
We're a Texas-based lender. We're small enough to relate with people very well, but big enough to plug into bigger lenders and offer great rates and low fees.Georgetown Mortgage Loan Originator
Georgetown Mortgage Can Help You
Georgetown Mortgage can help determine if Cash Out Refinancing is best for you. Once you contact us today, you'll have peace knowing you won't be charged any hidden fees, and your refinance will typically be closed within 30 days. Give us a call now.