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texas refi no cash out/second mortgage

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newbie Guest	Posted: Wed Dec 24, 2008 8:38 am    Post subject: texas refi no cash out/second mortgage Like 0 Dislike 0 with rates coming down, I'm thinking to refi my mortgage but not sure if I could do it with second mortgage in place -- my CLTV is about 83%. I'm not taking any cash out just want to reduce my interest rate -- is it possible, or do I have to pay down second mortgage fist. I wonder if anyone is refinaning seconds these days as well. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Thu Dec 25, 2008 12:31 am    Post subject: Like 0 Dislike 0 Hi newbie, According to Texas A6 law, a borrower can take cash-out refinance loan for a maximum of 80% of the property-value. However, you cannot take two A6 loans on a property. But as you are looking for a no cash out, I don't think you will face problems. You can speak to the lenders and check out the terms and conditions that are offered by the lenders. This community also has a number of lenders. You can speak to them and seek a no obligation free mortgage consultation from them. This will also help you get a fair idea of the market. Wish you a Merry Christmas. Thanks
dlackey Joined: 05 Jan 2009 Posts: 9 3.77 Dollars($)	Posted: Mon Jan 05, 2009 9:02 am    Post subject: Texas Refinance Like 0 Dislike 0 The maximum CLTV for a texas cash out refinance is 80%; however, a rate/term loan may be obtained under certain circumstances.

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