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What % can be refinanced on a Texas loan?

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Icon Mini Profile susieglaze





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Post Posted: Fri Sep 19, 2008 5:50 am    Post subject: What % can be refinanced on a Texas loan?
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I have lived in my home for 2 years and want to refinance at a lower rate. No cash out. What is the % I can refinance?
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Post Posted: Mon Sep 22, 2008 5:40 am    Post subject:
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Hi susieglaze
As far as I know, if you go for mortgage refinancing, the new loan amount should not exceed the outstanding loan amount on the property. But if you go for a cash out refinancing, you can borrow more than the outstanding loan amount. However, you should never go for mortgage refinancing if the value of the property has gone down.
Susanne

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Post Posted: Thu Sep 25, 2008 3:47 am    Post subject:
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Hi,

It is better if you could consult a mortgage broker who will be able to tell you about the details.
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