sam12
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 Posted: Mon Jun 15, 2009 11:05 pm Post subject: refinance problem due to home Equity loan |
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I had refinanced my home early last year with some cashout (total loan < 80% house value). Recently i had locked the lowest interest rate with another Mortgage broker, but after 5 weeks, broker is saying that my loan is declined by the lender.
The reason given is that my current loan is termed as 'Texas home equity' loan. I just have one loan, and never realized that it is an issue for any lenders.
Sad part is that now interest rate is increased (more than a point than the rate locked), and I do not have an option to refinance.
My qn to the experts :
Is it true that I should have applied the refinance differently than regular loan application ?. I am not refinancing more than 80% of the home value.
I just want to make sure that I am not being misled by the Broker due to the sudden increase in interest rate. |
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savior70
