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In Texas can I refinance my home equity loan into a standard mortgage loan?

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laws3475 Joined: 11 Aug 2010 Posts: 1 1.31 Dollars($)	Posted: Wed Aug 11, 2010 7:20 am    Post subject: In Texas can I refinance my home equity loan into a standard Like 0 Dislike 0 Several years ago I refinanced my mortgage loan into a home equity loan when the rates were lower for that type of loan and no closing costs were applied. Now mortgage loans are at such a great rate that I am wondering if I can refinance back into a traditional mortgage loan. I have been told that is not possible by federal law. Is this true and if so, why?
tfaulhaber1 Community Expert Joined: 17 Dec 2009 Posts: 562 75.68 Dollars($)	Posted: Wed Aug 11, 2010 1:51 pm    Post subject: Like 0 Dislike 0 I'm going to look into to this but, if you're not taking equity out and just satisfying that lien; I believe you can. _________________ Theo (Ted) Faulhaber 516-403-9116 516-634-4417 tfaulhaber (at) vanguardfunding.net
netherton Joined: 17 Jun 2010 Posts: 200 Location: Fort Collins, CO 29.19 Dollars($)	Posted: Wed Aug 11, 2010 2:10 pm    Post subject: Like 0 Dislike 0 It absolutely is not federal law. Texas does have some pretty strict rules regarding cash out refinances though. Would think as long as you can prove that the reason you took out a HELOC was just personal preference and not cash out it would be doable. _________________ Nic Netherton Mortgage Banker Cornerstone Mortgage Co Fort Collins, CO 80525 Nic Netherton Loans 970-226-2992 My Daily Rate Sheet

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