Posted on: 26th Feb, 2011 05:40 pm
We are interested in refinancing home to get a lower interest rate. In 2003, we refinanced with a cash out. We are not interested in doing that now. We asked a lender about the opportunity. We were told because we did a refi + cash out (at any time), we wouldnt qualify for a refi under $100K. We currently owe $85K on home with $80K in equity. We have excellent credit as well and overpay each month. We are trying to get our home paid off early!
We simply want to look at a refi to lower interest rate from 6% to 4.25%. What are our options under Texas law?
Thanks for any info/insight.
We simply want to look at a refi to lower interest rate from 6% to 4.25%. What are our options under Texas law?
Thanks for any info/insight.
you just have to wait 12 months from the time of the cash out.
under $100k has nothing to do with it. i am a texas loan officer.... i know our guidelines.
also.... i don't know where you got that 4.25% rate, but that is NOT doable.
once you take cash out, you are subject to cash out rates on subsequent refinances(cash out or not)
under $100k has nothing to do with it. i am a texas loan officer.... i know our guidelines.
also.... i don't know where you got that 4.25% rate, but that is NOT doable.
once you take cash out, you are subject to cash out rates on subsequent refinances(cash out or not)
one thing you might consider is getting a home equity loan to pay off the 1st. those loans have low rates and fees.
check with a credit union.
check with a credit union.