Can you refinance with cashout in Texas from a home lender o

budkinimaka · Joined: 08 Nov 2007 Posts: 1 1.35 Dollars($)

We want to refinance with a homelender (Amerisave) with cashout but was told by another lender from out of state that Texas is the only state in the US that does not allow a cash out with refinancing however a straight refinance is ok. Have you heard of this law? We would like to do business with Amerisave and they have assured us no problem with cashout however wanted to make sure there will be no problems with the cashout.

thankyou

jenkin7 · Joined: 04 Jun 2007 Posts: 880 131.00 Dollars($)

Hello Budkinimaka,

There is no reason for you to worry. You can get a cash-out refinance in Texas.

What rate are they offering after refinance? Is that a much better one than the previous?

jerry · Posted: Fri Nov 09, 2007 10:32 am Post subject: RE: texas cash out refinance law

Well budkinimaka, it's not that cash-out refinance isn't available in Texas but there's a restriction. You cannot do a cash-out refinance for an amount more than 80% of the property value. This is known as the Texas A6 Law.

Thanks,

Jerry

0.10 Dollars($)

I would think that the oneline application would when you enter your imformation, give you your available options.

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