A refinance Texas mortgage is also known as a cash-out refinance mortgage or a section 50(a) loan. With this choice, you refinance your existing mortgage while tapping into your house s equity. These refinance loans convert the cash-out equity into cash pay-outs at closing. The cash back refinance texas may be used for just about anything you like, from house repairs to paying off high-interest debt.
Low Monthly Payments
If you refinance to lower your monthly payments, then you will effectively be lowering your interest rate. Typically, the interest rate on a Texas home equity loan is between two and five percent. Your current mortgage rate will remain the same or where it is. However, the new refinance loan will have a lower interest rate. The reason for lower interest rates is that you are replacing your existing mortgage with a brand new one at a significantly lower cost.
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