Combine 1st & 2nd mortgage in Texas

thedeb2000 · Joined: 14 Apr 2009 Posts: 1 1.30 Dollars($)

In 2002 I purchased my Texas home with a first mortgage at 80% and a 2nd mortgage at 10%. In 2004 I refinanced my first mortgage (no cash out) but not enough equity to combine. I do not think either mortgage is a6 equity mortgage but was told by one lender that to combine and pay off the 2nd today would be considered a cash-out transaction even if my LTV is below 80%. Is that correct?

smithsussane · Posted: Tue Apr 14, 2009 7:22 pm Post subject:

Hi thedeb!

Welcome to forums!

As far as I know, if you go for a refinance to combine a 1st and 2nd mortgage that were used to purchase the home, it will not be considered as a Texas A6 loan. However, you have mentioned that you had refinanced your first mortgage earlier but it was not a cash out. I don't think it should be considered as a cash out transaction. I would suggest you to speak to some other lenders and check out their opinion in this issue.

You can also speak to lenders of this community and seek a no obligation free mortgage consultation from them. This will help you know whether you will get a loan or not. Moreover, you will get to know more about the rates.

Feel free to ask if you have further queries.

Sussane

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