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refinance with cash out

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Nora Guest	Posted: Thu May 01, 2008 8:43 am    Post subject: refinance with cash out Like 0 Dislike 0 I had a home equity loan that I wanted to refinance (the loan is 3 years old). I wanted to refinance the balance of the loan and get an additional cash amount out to consolidate bills. I was told that in Texas I cannot refinance AND get cash back with the one loan. I'm told that I have to refinance the first loan and after that closes, I can immediately apply for a home equity loan for the cash to consolidate my bills. Is that Texas law? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Thu May 01, 2008 10:43 pm    Post subject: Like 0 Dislike 0 Welcome Nora. I believe you can do cash out refinance of your home equity loan. I have not ever heard any laws like that. If you have taken the law 12 months ago then you can go for it. If your present lender cannot help you to refinance the home equity loan then shop around for lender and check out if anyone can give better rates and terms. Let me know if you have any further questions.
brian1 Community Expert Joined: 14 Jun 2008 Posts: 448 Location: Northern California 15.61 Dollars($)	Posted: Fri Jun 20, 2008 8:25 pm    Post subject: Like 0 Dislike 0 TX only allows cash out refinance to 80% B _________________ Licensed Broker 50 states http://www.aimwithfocus.com Live Chat available Need quick advise email or PM Glad to help Pre-approvals www.applyonlinesecure.com

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