Posted on: 24th Dec, 2008 07:38 am
with rates coming down, i'm thinking to refi my mortgage but not sure if i could do it with second mortgage in place -- my cltv is about 83%. i'm not taking any cash out just want to reduce my interest rate -- is it possible, or do i have to pay down second mortgage fist. i wonder if anyone is refinaning seconds these days as well.
Hi newbie,
According to Texas A6 law, a borrower can take cash-out refinance loan for a maximum of 80% of the property-value. However, you cannot take two A6 loans on a property. But as you are looking for a no cash out, I don't think you will face problems. You can speak to the lenders and check out the terms and conditions that are offered by the lenders. This community also has a number of lenders. You can speak to them and seek a no obligation free mortgage consultation from them. This will also help you get a fair idea of the market.
Wish you a Merry Christmas.
Thanks
According to Texas A6 law, a borrower can take cash-out refinance loan for a maximum of 80% of the property-value. However, you cannot take two A6 loans on a property. But as you are looking for a no cash out, I don't think you will face problems. You can speak to the lenders and check out the terms and conditions that are offered by the lenders. This community also has a number of lenders. You can speak to them and seek a no obligation free mortgage consultation from them. This will also help you get a fair idea of the market.
Wish you a Merry Christmas.
Thanks
The maximum CLTV for a texas cash out refinance is 80%; however, a rate/term loan may be obtained under certain circumstances.