Many homeowners take advantage of their home’s equity by tapping it out to instantly get a large sum of cash. One can do this by applying for a Cash Out Refinance Loan. If you plan on getting a Cash Out Refinancing, there are five things you need to know first.
A Texas Cash Out is not a second mortgage
One common misconception is that a Texas Cash Out is a type of a second mortgage. However, this is not the case as one needs to pay for your home loan first before you can apply for a Texas Cash Out. This means one won’t get qualified for a Texas Cash Out if you are still on the process of paying off your first mortgage.
Remember that a cash-out will always be a cash-out
One of the Texas cash out loan rules is that once you pull your home’s equity, the …