Cash-Out Refinances: The Risks of Using Home Equity as Cheap. – Note:Texas has specific laws governing cash-out refinances and home equity loans, which prohibit homeowners from borrowing more than 80% of the value of their home. So if your home is worth $300,000, in Texas the maximum amount you can borrow is $240,000.Cash in your home equity – while you live your house? – Get rid of your student loan debt, give your home a facelift, or take advantage of a. How you benefit: A cash-out refinance could allow you to tap into your equity.
Since your mortgage balance is more than the value of your home, you may have trouble obtaining a conventional refinance loan. you should certainly contact lenders to find out what HARP refinance.