Here Are Ways To Get Cash Out Of Your Home...

Hey There,


I want you to know the different ways to get cash out of your home. We have some complicated cash out laws in the State of Texas. So, here's what you need to know...

There are three ways to get cash out of your home:

1) Sell it.
2) Traditional Home Equity loan.
3) HELOC (Home Equity Line of Credit)

When most people get cash out of their homes they use the Traditional Home Equity loan. ...The benefits? Low rates. 30, 20, 15 yr fixed terms.


In Texas we can only get to get up to 80% of the appraised value of our homes (Texas law). The only way you can get that other 20% cash - is to sell your home. The laws on this loan also don't allow for the closing costs to exceed 3% of the loan amount.



...this is the reason lenders don't want to do a low loan amount cash out loans in Texas. ...they can't make money on them. You need to have a 620 with most lenders to get a Texas cash out loan.

A HELOC is a line of credit you get on your home. If you get a 20K HELOC - you don't have to take 20k at closing. You can take it when you want it. Most HELOC's are interest only ARMS. You need very good credit to get a HELOC.


I hope you have a good day today, and a good weekend. Thanks for reading!



Brett