What is the law in Texas for refinance cash out?

andy_andydo · Joined: 15 Jul 2008 Posts: 1 1.30 Dollars($)

I would like to refinance my home loan to take out some cash to pay off my car payments. Is there the law in Texas that no cash out refinance?

brian1 · Posted: Tue Jul 15, 2008 10:04 pm Post subject:

no more than 80% of the homes value may be cashed out.

Brian

Niicss · Posted: Wed Jul 16, 2008 4:54 am Post subject:

Welcome Andy.

You can do cash out refinance but it should not more than 80 percent of the home value. Is it your primary residence? For cash out refinance, it should be your primary residence. If you want to know about the unique requirements of cash out refinance in Texas, take a look at http://www.mortgagefit.com/texas/a6loan-law.html

Hope this helps. Let me know if you have any more queries.

kpatrick · Posted: Thu Jul 17, 2008 2:13 pm Post subject:

And you have to wait at least 12 months in between c/o refis.

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