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The Texas office of consumer credit has a FAQ page that describes the conditions and restrictions on cash-out home equity loans. It is here:http://www.occc.state.tx.us/pages/brochures/homeequitylending.html You should read this over carefully before applying for a loan on a Texas property that is your residence. Any responsible Texas lender will also be familiar with these restrictions.
Texas mortgage laws are different than most states, especially on cash out refinances. Your situation may depend on whether you have a construction loan to pay off, and if your lender would consider any cash back to you as “cash out”. Best bet is to talk with a Texas lender, give them your particulars, especially regarding any construction loans or other liens that are have to be dealt with.
I am building a house in Texas and I will have about 180K – 200K equity when I am finished. When I close can I get cash for some of that equity?
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