Cash-Out Refinance

A cash-out refinance replaces an existing mortgage with a larger one and gives the borrower the difference in cash, often used for debt consolidation, renovations or investing.

In Texas, a cash-out refinance on a homestead is governed by Article XVI, Section 50 of the Texas Constitution, which caps the loan at 80 percent of the home's value.

Rick Carrier, NMLS #268110, The Carrier Mortgage Team, Innovative Mortgage Services, Inc. (Company NMLS #250769). Call (281) 767-6700.