Posted on: 06th Mar, 2009 12:46 pm
hi! i have a home equity loan @6.50% from 2005.
i contacted quicken loans about a refi @ 4.75%.( no cash out)
they said they could do it , get all info in. i did.
approved, needed only appraisal.
before appraisal, said they could not do loan because of texas law, and cash had been taken out. i could find no such law. i researched, talked to state people, could find no such law. does anyone know?
i contacted quicken loans about a refi @ 4.75%.( no cash out)
they said they could do it , get all info in. i did.
approved, needed only appraisal.
before appraisal, said they could not do loan because of texas law, and cash had been taken out. i could find no such law. i researched, talked to state people, could find no such law. does anyone know?
I believe texas doesn't allow cashout over 80%. Is that your situation?
hi jmk!
welcome to forums!
you have mentioned that you are not looking for a cash out loan. in that case, i don't think you should face issues in getting a refinance. however, if you wanted to get a cash out refinance, then you would have to follow the texas a6 law. to know more about texas a6 law, check out the following page:
http://www.mortgagefit.com/texas/a6loan-law.html
i would also suggest you to speak to some other lenders and check out what kind of options that are offering you.
sussane
welcome to forums!
you have mentioned that you are not looking for a cash out loan. in that case, i don't think you should face issues in getting a refinance. however, if you wanted to get a cash out refinance, then you would have to follow the texas a6 law. to know more about texas a6 law, check out the following page:
http://www.mortgagefit.com/texas/a6loan-law.html
i would also suggest you to speak to some other lenders and check out what kind of options that are offering you.
sussane
