I don’t know where you are as you read this, but right here, it’s HOT. The only solution for a hot summer is a pool, and with social distancing in place, having your own pool is a game-changer. That’s why a cash-out refinance in Texas to put in a pool is the best choice you can make if you have equity in your home.

A cash-out refinance in Texas takes the equity that you have built in your home by making payments and the home’s value increasing, and lets you take out a new loan against it. You can then take this low-interest money to do anything. Options include paying off credit cards, making large home repairs, and adding new improvements to your home. There is no limit to what you can spend your money on.

With interest rates as low as they have been in years, it’s the perfect time to use that hard-earned cash in your home to turn your home into the neighborhood hotspot with a brand new pool. You’ll be the envy of your block as you swim in your new pool, and you won’t pay as much in interest as you would if you put the project on credit or a loan.

A cash-out refinance in Texas is a great way to both refinance your mortgage and borrow money. There are some caveats though. You want to make sure to keep at least 20% equity in your home for starters. If your home is worth $250,000 and you still owe $150,000, you have $100,000 in home equity, or 40 percent of the value of the home. That leaves you at $50,000 that you can borrow before you get back below that 20% mark and have to include PMI (Private Mortgage Insurance) in the equation.

You’d take out a new loan for $200,000 (the $150,000 that you owe plus $50,000) and at closing, you’d get a check for $50,000 at the close, not including the closing costs.

When market rates have dropped, as they likely have since you bought the home, while your home has risen in value, you can take out more money from your home.

If you use the funds to buy, build or improve a home, you can deduct mortgage interest paid on loan principle up to $1 million for a couple. The best part? When you take out a cash-out refinance in Texas from us, you can skip two full months of mortgage payments!

Call the best mortgage lender in Texas, John Schutze’s Texas Loan Experts Team in Austin at (512) 775-6820 or visit JohnSchutze.com to apply now. Texas Loan Experts has the lowest rates on Conventional, FHA, Mortgage Refinances, Jumbo Loans, Debt Consolidation Loans, Rate and Term Refinances, Cash Out Refinances, and HARP Loans. We are also the exclusive home for Hero.Loan VA Mortgages and The Bank Statement Mortgage. We will come to you to close your loan. Nobody gets lower mortgage rates on better loans than Texas Loan Experts.

John Schutze

John Schutze

John Schutze was born and raised in Austin, TX and graduated from Texas State University with a degree in finance. Beginning his career as a financial advisor, John has a unique perspective when it comes advising his clients on the best mortgage type for their financial plan. With almost 20yrs experience in the mortgage industry, John has helped over 1500 families purchase or refinance their home.

John Schutze

As one of the area’s top mortgage bankers for over 17 years, John Schutze considers his #1 goal to be providing a smooth and predictable mortgage experience for all involved. Named the 2017 Mortgage Professional of the Year by Austin Monthly, John has also been consistently selected for the Austin Business Journal Top Producer List.

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Our customer first approach to mortgages is what separates us from all of the other banks and mortgage companies. Our team will walk you through the process to ensure that your loan closes in a very timely manner. Our competition may think our philosophy on face-to-face customer service is excessive but our clients sure do appreciate it.

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