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Refi

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LRON_1 Joined: 17 Feb 2009 Posts: 1 1.58 Dollars($)	Posted: Tue Feb 17, 2009 12:58 pm    Post subject: Refi Like 0 Dislike 0 I have a question my sister in law lives in Texas and has refied her home several times. Some of these times she has taken cash out for bills or other things. Now she is in the process of refing again and the lender has told her that because you have take cash out in the past you must do a refi cash out now per the law, which mean the interest rate will be higher. I there such a rule or law in Texas?
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Tue Feb 17, 2009 7:50 pm    Post subject: Like 0 Dislike 0 Hi LRON, As far as I know, your lender is correct in saying that if she has taken a cash out in the past, she must do a cash out refinance as per the law. The status of a cash out loan will always remain the same. You cannot refinance and change the status of the cash out loan. Moreover you cannot refinance a Texas A6 loan within the first 12 months. To know more about Texas A6, check out the following link: http://www.mortgagefit.com/texas/a6loan-law.html#23849 Thanks

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