Posted on: 29th Dec, 2007 01:38 pm
I see verbage in the law and various lenders Disclosures that a HELOC on a property in Texas cannot have checks or Visa cards attached to it and that a minimum withdrawel requirement of $4,000 . But I also have spoken to mortgage brokers who say they do HELOCs in Texas that have no minimum withdrawel amounts and checks and Visa cards. Is there a law but no one in enforcing it?
The Texas A6 laws do not address a min amount......the lenders do not want to deal with transaction of less than 4k.......That is why you are seeing that information posted.
Hello Jerryjrogers,
As far as I know, the law which you are talking about is mostly followed by the credit unions. The credit unions in Texas require a minimum withdrawal amount of $ 4,000 and you may not use credit cards, debit cards or solicitation checks to get the advances.
But I don't think the lenders also follow the same rule.
As far as I know, the law which you are talking about is mostly followed by the credit unions. The credit unions in Texas require a minimum withdrawal amount of $ 4,000 and you may not use credit cards, debit cards or solicitation checks to get the advances.
But I don't think the lenders also follow the same rule.
