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texas cash out

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captainbob Guest	Posted: Tue Dec 22, 2009 7:50 pm    Post subject: texas cash out Like 0 Dislike 0 I have been told that since I am currently financed with a Texas Cash Out Loan, I cannot refinance with any other type of loan. Is this true, if so what is the current cash out rate? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Tue Dec 22, 2009 11:05 pm    Post subject: Like 0 Dislike 0 Hi captainbob, As far as I know, what you heard is true. The rules regarding cash-out refinance in Texas are quite different from those in other states. As per the Texas A6 laws, if your current mortgage is Texas cash-out loan, you cannot refinance it with a normal rate and term loan. The interest rate on your cash-out loan will depend on various factors like your credit scores, etc.
hecmrev Joined: 10 Oct 2009 Posts: 39 6.97 Dollars($)	Posted: Wed Dec 23, 2009 12:06 am    Post subject: Like 0 Dislike 0 You are correct. Once a TX cashout always a cashout minus one exception. If you were 62 or older you could convert your cashout to a reverse mortgage if you had enough equity. Additional information would be needed to determine what rates you would qualify for with a TX cashout. ~ Time on job ~ Income type (w-2 or self employed) ~ Credit Scores ~ Monthly Income ~ Mortgage lates if any in last 12-24 months ~ Estimated Home Value ~ Mortgage Balance Hope this helps. _________________ Anthony Reverse Mortgage Specialist 866-640-5722 ext.123

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