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Texas equity and refinancing

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tetech Guest	Posted: Sat Mar 07, 2009 11:13 pm    Post subject: Texas equity and refinancing Like 0 Dislike 0 I have a regular mortgage (NOT a Texas home equity loan). Several years ago, I took out a home equity loan, which has since been fully paid off. So I am currently back in the original situation of having only a regular mortgage. If I refinance, will the result be a regular mortgage or a Texas 50(a)(6)? Unless I am mistaken, it would be a regular mortgage since I am NOT refinancing a HE loan. (If I were refinancing the regular + a HE loan, then I understand the result must be a HE loan, but that's not the situation here). Thanks. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Mon Mar 09, 2009 12:08 am    Post subject: Like 0 Dislike 0 Hi tetech, In my opinion, you are correct. If you refinance a regular mortgage, it would remain a regular mortgage. It will not be considered as a cash out refinance. According to a Texas A6 law, if you refinance a cash out loan, it will remain a cash out. To know more about Texas A6 law, check out the given page: http://www.mortgagefit.com/texas/a6loan-law.html#23849 _________________ Procrastination is the enemy of your financial success
tetech Guest	Posted: Thu Mar 12, 2009 12:12 am    Post subject: Thanks Like 0 Dislike 0 Hi adonis, Thanks for your reply. It seems our understanding is the same, so at very least I have some company!

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