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Home equity loan refinance?

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jmk51 Joined: 06 Mar 2009 Posts: 1 1.32 Dollars($)	Posted: Fri Mar 06, 2009 1:46 pm    Post subject: Home equity loan refinance? Like 0 Dislike 0 Hi! I have a home equity loan @6.50% from 2005. I contacted Quicken Loans about a refi @ 4.75%.( No cash out) They said they could do it , get all info in. I did. Approved, needed only appraisal. Before appraisal, said they could not do loan because of Texas law, and cash had been taken out. I could find no such law. I researched, talked to state people, could find no such law. Does anyone know?
chrisburns Community Expert Joined: 13 Nov 2007 Posts: 382 Location: Florida 65.98 Dollars($)	Posted: Sat Mar 07, 2009 1:01 pm    Post subject: Like 0 Dislike 0 I believe texas doesn't allow cashout over 80%. Is that your situation? _________________ Chris Burns Five Stars Mortgage, LLC Office: 800-871-2636 ext. 200 Cell: 407-456-3697 Florida Mortgage Five Stars Mortgage On Facebook
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Sun Mar 08, 2009 9:56 pm    Post subject: Like 0 Dislike 0 Hi jmk! Welcome to forums! You have mentioned that you are not looking for a cash out loan. In that case, I don't think you should face issues in getting a refinance. However, if you wanted to get a cash out refinance, then you would have to follow the Texas A6 law. To know more about Texas A6 law, check out the following page: http://www.mortgagefit.com/texas/a6loan-law.html I would also suggest you to speak to some other lenders and check out what kind of options that are offering you. Sussane

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