Cash Out RefinanceCashing out refers to refinancing a mortgage where the borrowers receive cash from the equity in their home. If a home is appraised at $100,000 and the borrower's outstanding mortgage loan is $60,000, it is possible to enter into an 80% cash-out refinance transaction for a loan of $80,000 (80% of $100,000). The new mortgage of $80,000 will pay off the $60,000 loan and leave $20,000 cash-out to the borrowers.
What are the benefits?
By cashing out on your home, you can obtain cash on the value of your own home to pay off debts or upcoming expenses. The refinance transaction can also provide you with a better mortgage loan interest rate that will help you save on your new monthly mortgage payments. Mortgage interest, unlike other interest expenses, may be tax deductible for some borrowers, please check with your tax professional.
How can we help?
If you are looking for a Texas Cash Out Refinance, Secure Mortgage Company has a program suited to your needs. We offer cash-out programs for Owner-occupied homes, Second Homes, and Non-owner occupied homes with low, affordable rates.