There are two common types of refinance in Texas for residential properties. Either a rate / term refinance, which means doing a refinance for a better interest rate.
The other type of common refinance in Texas is the Texas cashout or the Texas home equity loan. Same thing.
Lets start with the rate / term loan. Many people, when the opportunity presents itself, like now, would like to refinance their mortgage loan for a better rate. This in turn provides a lower payment or you could refinance efrom a 30 year to a 15 year mortgage as another option.
The other Texas mortgage refinance loan is the Texas cashout. If you want to use the equity in your home to pay for a major purchase, education or debt, then the Texas cashout home equity loan can provide that.
In Texas there is a formula that must be abided by and that is that a maximum of 80% of the home's equity can be cashed out. Ask your loan officer how much will be available and what the rates are.
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