can I get a home equity loan if I have refinanced?

gorillasteve · Joined: 23 Jun 2008 Posts: 1 1.32 Dollars($)

I refinanced my home in 2004. I have applied for a home equity loan, and have been told that Texas law prevents one from getting a home equity loan if they have refinanced in the past.

laphillips

I'm not familiar with TX law but am I understanding that once you have refinanced a loan the only way to close that loan is to make enough payments to pay it off? You are unable to refinance that loan?

brian1 · Posted: Mon Jun 23, 2008 2:18 pm Post subject:

TX does not allow cash out refinances abve 80% of the homes value.
This may be your issue.

Brian

laphillips

Brian, thanks for the info!

Samantha

Hi gorillasteve,

I do agree with Brian here. Perhaps you are concerned with the fact that in Texas, you cannot do a cash-out refinance worth more than 80% of the home value. This is what the Texas A6 law states . Also, a home cannot have more than one Texas home equity loan at a time.

Hope this helps...

God bless you.

Samantha

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