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Want to Refinance in Texas

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jchooper12 Joined: 03 Feb 2009 Posts: 1 1.49 Dollars($)	Posted: Tue Feb 03, 2009 9:13 pm    Post subject: Want to Refinance in Texas Like 0 Dislike 0 i am wanting to refi my home but have some questions that I cannot get any straight answers to. Here goes: When I originally purchased the home I did an 80/10/10 The 80% was just a normal loan and I think the 10% was considered a Home Equity Loan. I am not sure the second load started out as a home equity loan because it was with another lender but some time ago (years ago) it somehow ended up with WAMU. So both my first and second loans are services by WAMU. I also took out a Home Equity Loan with Chase a few years after purchasing the home, I only owe $3400 on that now. My question is, what kind of 30year fixed load can I get. I am thinking about paying off the Chase loan now but now sure if that iwll make a difference. One lender said that if the 1st and 2nd loads were both originating loans, I could do a normal 30year loan, but a different lender is saying because the 2nd loan is a Home Equity Loan I can only get a 30year Cash Out type loan (meaning higher rates). So if I were to pay the Chase loan off, what would my options be?
sara Moderator Joined: 05 Jul 2006 Posts: 2694 Location: New Brunswick, New Jersey 496.42 Dollars($)	Posted: Wed Feb 04, 2009 3:53 am    Post subject: Like 0 Dislike 0 Hi jchooper, I guess you should go for a normal 30 year loan as there's no need to do a cash out refinance. A cash out refinance implies that you take out more than the loan balance you owe. And then use the extra cash for expenses on home improvement or to repay your debts. But I guess you don't have such requirement. Moreover, normal 30 year national average rates are quite low currently, that is, around 5.35%. So, I guess this will be the best option for you. What I suggest is, have a talk with the lenders in this community. Just go for a no-obligation free loan consultation with the lenders. They'll be able to give you an idea on what other options you may have. Take care
John Hooper Guest	Posted: Wed Feb 04, 2009 6:44 am    Post subject: Refi Like 0 Dislike 0 So Sara, thank you for the reply. I just want to make sure on somthing. So if I took out an extra home equity loan from Chase like I did, that does not matter during the refi? I did the home equity to pay off some bills a the time so that is what is concerning me. Is the law in Texas once you take a home equity loan you can only take home equitly loans from then on, or is there a difference between a Cash out loan and a Home Equity loan? I am almost not confused! :O)
sara Moderator Joined: 05 Jul 2006 Posts: 2694 Location: New Brunswick, New Jersey 496.42 Dollars($)	Posted: Sun Feb 08, 2009 8:29 am    Post subject: Like 0 Dislike 0 The home equity loan you took out from Chase will not affect your refinance for the 80% and 10% loans combined. The law in Texas is such that once you take out a home equity loan and refinance it, the new loan will be considered as home equity loan only. To know about cash out refinance loans and home equity loans, refer to the information available on these topics.
DallasLoanGuy Guest	Posted: Sun Feb 08, 2009 10:09 pm    Post subject: Like 0 Dislike 0 The property has had 'cash out' In Texas, that means that the NEXT loan will also be cash out. You will pay .25% of the loan amount in penalty(or as you last loan officer described, higher rates). Do you know the difference in higher rates and the costs? If not, then your loan officer doesn't either.... Maybe another loan officer is in order!!!!!

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