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Vaughan
Guest
0.10 Dollars($)
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 Posted: Thu Jun 07, 2007 5:27 am Post subject: Cash out refinance loan in texas |
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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 $85K. if I could get as much cash out as possible that would really help. Any one willing to offer a loan for the refinance?
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 colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.61 Dollars($)
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| Posted: Thu Jun 07, 2007 11:53 am Post subject: |
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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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kenstampe
Moderator
Joined: 22 Jan 2007
Posts: 146
Location: Dallas, TX
50.64 Dollars($)
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| Posted: Thu Jun 07, 2007 12:12 pm Post subject: |
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Vaughn,
What you describe is a very straigh-forward transaction. Unless there is any reason you want to share that concerns you about getting finance you should have no problem accomplishing this goal.
Ken
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Ken Stampe is a Mortgage Loan Originator, Mortgage Author and Mortgage Loan Officer Instructor living in Dallas, TX. Contact by email at |
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colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.61 Dollars($)
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| Posted: Thu Jun 07, 2007 12:15 pm Post subject: |
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Its been long time seen you ken , where have you been?  |
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Samantha
Moderator
Joined: 16 Sep 2005
Posts: 1441
Location: MASSACHUSETTS
118.98 Dollars($)
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| Posted: Fri Jun 08, 2007 1:09 am Post subject: RE: loan advice to pay off existing home loan |
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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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