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Texas Refinance Primary with recent 2nd A6 Loan

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tisull Joined: 04 Mar 2009 Posts: 1 1.67 Dollars($)	Posted: Wed Mar 04, 2009 11:45 am    Post subject: Texas Refinance Primary with recent 2nd A6 Loan Like 0 Dislike 0 Hello, I have a ~5 year old primary loan and 6 month old secondary cash out loan. The 2nd is an A6 loan here in Texas and, as I understand it, cannot be refinanced for another 6 months. I am sorely tempted by the current low rates and would like to refi the primary loan. I was told my one of my current lenders that due to the A6 loan I was blocked from any refi for one year. Is this correct? If I pay off the second (A6) loan, can I refi the remaining loan immediately? Get a clean slate that way? Does "once an A6 always and A6" statement go beyond the life of the cashout loan? Thanks in advance.
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Thu Mar 05, 2009 1:46 am    Post subject: Like 0 Dislike 0 Hi tisull If you pay off the cash out loan, then I guess you will have the option to refinance the primary loan immediately. But as you have said that the cash out loan is only 6 months old, you should check out if there is a prepayment penalty clause. If the lender has mentioned a prepayment penalty clause, then you will be penalized for paying off the debt so soon. To know more about Texas A6 loan, check out the following link: http://www.mortgagefit.com/texas/a6loan-law.html#23849 Thanks.

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