Texas cash out refinances What You Need To Know

Mortgage and Lending with Service First Mortgage, NMLS #166487 NMLS 217454

What you need to know about Texas cash out refinances

By utilizing a Texas cash out refinance homeowners can tap into their homes equity. Because Texas has very unique home equity cash out refinance laws we have put together a list of frequently asked questions regarding Texas home equity mortgages.

To receive your free customized Texas cash out refinance quote please give the Richard Woodward Mortgage Team a call today at 214-945-1066 or complete an online application now.  We are a leading Plano Texas direct mortgage lender and we want to help you.  Don't let an out of state lender tell you that you can't do a cash out.  Many lenders will not even do Texas cash out refi's.  We do, we are experts.

Did you pay cash for your home because of the tight real estate market?  We can help you tap into that equity now.

Frequently asked questions about Texas Cash Out Refinance Questions

I want to refinance my loan but the loan officer says the max he can lend is 80% in Texas. Why is that?

In Texas, the total mortgage debt, including the amount of any existing mortgages plus the projected home equity lien (whether cash out re-fi or HELOC), cannot exceed 80% of the home's current fair market value at closing. [TEX. CONST. ART. XVI, § 50 (a)(6)(B)] 

Are there any restrictions on what I can use the money from a Texas cash out?

NO. You can use the funds for whatever purpose you desire such as remodeling your home, buy a new car or investment property.  You can even consolidate your bills and lower your monthly payments or interest rate.

Is there a cap on the amount of fees a lender can charge?

Fees and charges to make the loan (not interest) cannot exceed 3% of the loan amount. [Tex. Const. art.XVI, § 50 (a)(6)(E)].  Interest is calculated as the amount determined by multiplying the loan principal by the interest rate. 

Are you ready to get cash out now? Just click the Start button to Apply Now.  

Richard Woodward Mortgage Team will prepare for you a customized quote at not charge and no obligation.  Our Goal is to make sure you have all the right tools. 

Read what other customers have said here.

Richard Woodward, NMLS 217454

Your Local, Direct, 5 Star Rated Mortgage Lender

Office:  (214) 945-1066


Interlinc Mortgage Services, LLC., NMLS 205696

7711 San Jacinto Place, Ste 100 Plano, Texas 75024


Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. InterLinc is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualification. Rates and fees are subject to change without notice. Link to RMLO Complaint recording instructions.


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Richard Woodward NMLS#217454

Service Beyond Expectations! Your Texas Lender
7711 San Jacinto Place, Ste 100 Plano, Texas 75024