Posted: Thu Dec 18, 2008 6:52 am Post subject: Refinance
Hi,
We are looking to refinance without cash back, our note(s) in the state of Texas.
Here are the particulars:
1. We bought our home four years ago with an 80/20 loan ( 1st - 225k, 2nd - 56k). We currently owe $214k on the 1st and $50k on the 2nd.
2. Approximately 2 years ago, we built a pool and took out a 3rd (?) for 50k. The documents say it is a Deed of Trust, but specifically state "this is not a Same as Cash Option Loan". We currently owe approximately $47k on that note.
All payments are current but we would like to refinance into possibly a single mortgage and a lower rate given the current market.
I would estimate our current market value at about 335K.
I am really confused with Texas refi laws, specifically A6. Given our situation - can we do this?
with the cost of refinance, payoffs, prepaids you may be at pretty much 95+% which no one does anymore
and it will be considered cashout refi due to 3rd mortgage being added after purchase
if you are in FHA limit in your county you might try 97% refi through FHA
I realize the equity situation may preclude me from doing this, but I need to find out if this is even an option.
Can you refi into one, or possibly a 1st and 2nd mortgage, given the situation I originally posted.
Anyone out there with detailed insight into the Texas refi laws, who can explain them in laymen's terms? (I read the previous posts on A6, but to be honest, am still confused).
As far as I know, according to the Texas A6 law, you can get a cash-out refinance loan for a maximum of 80% of the property-value. As far as explaining the Texas A6 laws are concerned, you can check out the following link:
http://www.mortgagefit.com/texas/a6loan-law.html
In this link, Kenstampe, one of the community moderators have explained Texas A6 laws in details.
mike60156
