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In Texas, the current law (as per the States Constitution) allows for residents to borrower against their equity in their primary residence.  This is called a Home Equity or Cashout Loan.
Typically, the borrower applies for an equity loan with a lender, banker or broker.  After initial qualifications are met, an Appraisal is ordered to determine the current market value.  The amount a homeowner may borrower against their equity is 80% of the Appraisal Value, less any existing mortgage and closing costs.  The equity loan may either be a first mortgage, or a second mortgage.  A first mortgage equity loan will have better rates compared to a second mortgage; this loan also takes 30-40 days to reach closing (funding).
Another option is a HELOC (Home Equity Line of Credit).  This too may be a first mortgage or second mortgage, but compared to the traditional equity mortgage, the process is easier and quicker.  Our product is data-based, meaning after a simple 5 minute phone call to complete the initla Application, a homeowner may be presented terms (often within 24 hours).  Once terms reviewed and accepted, the Applciation is completed, documents submitted, and the HELOC often closes (funds) in 15-20 days.
The HELOC may prove to be a better option for some borrowers; and if the product is not a fit, moving into the equity loan is also a possibility.  Contact us to learn more.