Houston Refinance: 15-Years Cash-Out Refinance Rate

Houston Refinance: 15-Years Cash-Out Refinance Rate

Contact me, Frank Zhu, and let me help you find the lowest rate in Texas when it comes to mortgage. I’m bilingual in English and Chinese. Give me a call at 512-919-0154 for your mortgage needs.

If you live in Austin | Houston | Dallas please call Frank Zhu for your custom Good Faith Estimate.

Frank Zhu:  512-919-0154

frank@mylendingplace.com

If you have lived in your home for a reasonable amount of time and got enough equity in your home, you may want to consider liquidating some of that equity by refinancing with cash out. Refinancing with cash out in simple terms means to refinance your existing mortgage and borrow some of the equity in the home and receive a lump of cash for you to spend on.

People refinance with cash out all the time and for a variety of reasons. Some use for debt consolidation, buying a new vehicle, home improvement, college tuition, family vacation, etc. If you are serious about cashing out from your home, do a bit of home work in terms of the benefits you will receive from getting all those money.

Remember, in Texas, there is the 3% rule for loan size less than $100,000 where the closing costs can’t be more than 3% of the loan amount. Also, cashing out only a small amount of money might not be a good option considering you are paying a hefty amount of closing costs especially the title insurance policy to get this loan. A bigger loan will increase the amount of cash you have while paying just about the same closing costs. With the extra money, you can pay down those high interest down with the lower mortgage interest rates.

Today’s market rate for a cash out refinance is:

15 years fixed – 4.5%  //  APR – 4.612%

Remember, the cash out refinance rates are higher than rate and term refinance. Feel free to ask me any questions regarding your options in cashing out from your home that saves you money in the long run.

We also offer “no cost” refinance. Contact me, Frank Zhu, and let me help you find the lowest rate in Texas when it comes to your mortgage. I’m bilingual in English and Chinese. Give me a call at 512-919-0154 for your mortgage needs.

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