Hi captainbob,
As far as I know, what you heard is true. The rules regarding cash-out refinance in Texas are quite different from those in other states. As per the Texas A6 laws, if your current mortgage is Texas cash-out loan, you cannot refinance it with a normal rate and term loan. The interest rate on your cash-out loan will depend on various factors like your credit scores, etc.
As far as I know, what you heard is true. The rules regarding cash-out refinance in Texas are quite different from those in other states. As per the Texas A6 laws, if your current mortgage is Texas cash-out loan, you cannot refinance it with a normal rate and term loan. The interest rate on your cash-out loan will depend on various factors like your credit scores, etc.
You are correct. Once a TX cashout always a cashout minus one exception. If you were 62 or older you could convert your cashout to a reverse mortgage if you had enough equity.
Additional information would be needed to determine what rates you would qualify for with a TX cashout.
~ Time on job
~ Income type (w-2 or self employed)
~ Credit Scores
~ Monthly Income
~ Mortgage lates if any in last 12-24 months
~ Estimated Home Value
~ Mortgage Balance
Hope this helps.
Additional information would be needed to determine what rates you would qualify for with a TX cashout.
~ Time on job
~ Income type (w-2 or self employed)
~ Credit Scores
~ Monthly Income
~ Mortgage lates if any in last 12-24 months
~ Estimated Home Value
~ Mortgage Balance
Hope this helps.