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Texas equity and refinancing

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tetech

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Post Posted: Sat Mar 07, 2009 11:13 pm    Post subject: Texas equity and refinancing
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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.

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adonis




Joined: 22 Oct 2005



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Location: ALASKA
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Post Posted: Mon Mar 09, 2009 12:08 am    Post subject:
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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

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tetech

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Post Posted: Thu Mar 12, 2009 12:12 am    Post subject: Thanks
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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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