Home arrow Mortgage Forums arrow Forums: Learn from other's experiences arrow

texas refi no cash out/second mortgage

Author Message
newbie

Guest







Post 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
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10460
Location: Nevada
987.57 Dollars($)
Post 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
Icon Mini Profile dlackey



best lender badge

Joined: 05 Jan 2009

Posts: 9

3.77 Dollars($)
Post 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.
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.067 seconds.