Posted on: 23rd Nov, 2010 05:19 pm
in texas can a refinance of a conventional loan with a renewal and extension of liens against property be a conventional loan and not a texas home equity loan?
Hi Guest,
A refinanced home loan won't be considered as a home equity loan. It will be considered as a new loan on the property.
Thanks
A refinanced home loan won't be considered as a home equity loan. It will be considered as a new loan on the property.
Thanks
Yes, a rate and term refinance is not considered a TX "Home Equity" under TX Constitution 50(a)(6) when there has never been a previous "Home Equity" loan on the property. So if you want to refinance a purchase money mortgage with no cash out it would be a renewal and extension.