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Cash out refinance loan in texas

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Vaughan
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PostPosted: Thu Jun 07, 2007 5:27 am    Post subject: Cash out refinance loan in texas

Hi,

I need a loan to refinance my single family residential property and my fico score is in the 700 – 800 range. I can provide entire documentation of all required legal papers and the like. The property is located in Texas

The house was appraised about 2 years ago at $115K and need to pay off $85K. if I could get as much cash out as possible that would really help. Any one willing to offer a loan for the refinance?

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Icon Mini Profile colin
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colin

Joined: 30 Jun 2006

Posts: 602
Location: Waltham, Massachusetts


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PostPosted: Thu Jun 07, 2007 11:53 am    Post subject:

Hi Vaughan,

Welcome to Mortgagefit forum.

There should not be any problem with the refinance as currently there is enough equity in the house. I would like to tell you that as per laws in Texas, cash out refinance can be up to 80% of your home's value. This is known as the A6 law.

But even with this rule, you would be able to easily fulfill your requirement as 80% of 115k will be enough for paying off this existing loan. This law is important for borrowers looking to do cash out refinance in Texas.

You can have a look at this page to get more information about this law: http://www.mortgagefit.com/texas/a6loan-law.html

Colin
 
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Icon Mini Profile kenstampe
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kenstampe

Joined: 22 Jan 2007

Posts: 146
Location: Dallas, TX


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PostPosted: Thu Jun 07, 2007 12:12 pm    Post subject:

Vaughn,

What you describe is a very straigh-forward transaction. Unless there is any reason you want to share that concerns you about getting finance you should have no problem accomplishing this goal.

Ken

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Ken Stampe is a Mortgage Loan Originator, Mortgage Author and Mortgage Loan Officer Instructor living in Dallas, TX. Contact by email at
 
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Icon Mini Profile colin
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colin

Joined: 30 Jun 2006

Posts: 602
Location: Waltham, Massachusetts


112.61 Dollars($)

PostPosted: Thu Jun 07, 2007 12:15 pm    Post subject:

Its been long time seen you ken , where have you been? Smile
 
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Icon Mini Profile Samantha
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Samantha

Joined: 16 Sep 2005

Posts: 1441
Location: MASSACHUSETTS


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PostPosted: Fri Jun 08, 2007 1:09 am    Post subject: RE: loan advice to pay off existing home loan

Hi Vaughan,

A bit of calculations are required before you approach a lender. As you know already that, in Texas, you can refinance up to 80% of the home value. So, first of all, you need to find out how much extra cash you require and then add up this cash with the payoff amount, that is, $85K. Then you can find out if this total amount is equal to 80% of your home appraised value. I feel such a calculation will help you to proceed further with the deal. And, in case you need any information on cash-out refinance, you can go through a section on this topic or else, you can put forward your query here.

Hope this helps...

God bless you.

Samantha

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