RISMEDIA, Feb. 22, 2007-Chase, one of the nation's leading residential housing lenders and Texas' largest bank, is now offering a mortgage that allows Texas homeowners to take out additional cash when they refinance their existing loan.
"Many homeowners will use the Chase Cash-Out Refinance Mortgage to tap into their equity to make home improvements, pay college tuition or consolidate high-interest debt," said Don Daniel, Chase's Home Lending manager for Texas. "We've designed our mortgage to follow Texas laws about mortgages and home-equity loans."
Texas has rigorous regulations for lenders that want to offer home equity and refinance loans in the state. So, lenders have been very thorough in their research and procedures in relation to origination and servicing of these types of loans.
With Chase's Cash-Out Refinance Mortgage, borrowers in Texas can:
– Borrow up to 80 percent of the value of their home with a single loan and just one monthly payment.
– Choose from a range of options, including fixed- and adjustable-rate amortizing mortgages and reduced-documentation loans.
– Use for single-family homes, condos and planned unit developments.
– Take advantage of tax savings, because interest may be tax deductible.
Chase is offering the Chase Cash-Out Refinance Mortgage program to Texans through its 150 loan officers based in 400 Texas bank branches and 12 stand-alone mortgage offices.
For more information, visit www.chase.com.