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would a refinance on a second home with a cash out, be considered a home equity loan in Texas

Gigi

savior70 · Posted: Wed Nov 11, 2009 6:47 am Post subject:

Hi,

A home equity loan is different from a cash-out refinance. If you do a cash-out refinance on the second property, it will not be considered as a home equity loan. But Texas A6 laws will apply to the cash-out refinance loan on your second home and you will not be able to cash-out more than 80% of the house's appraised value.

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Refinance a second home