Posted on: 08th Apr, 2009 02:26 pm
we currently have a cash out refinance loan that was done about 8 years ago here in texas. we were told that we cannot get a home equity loan because the cash out loan is considered an equity load. if we refinance it will still be an equity type loan. can we then get a home improvement loan as a 2nd?
You can not have more than one home equity loan on your property in Texas per state law. The cash out refinance 8 years ago is considered a home equity loan per state law. You can not get a 2nd since it is considered a home equity loan. Your only option is to refinance again with cash out.