Posted on: 19th Dec, 2008 05:27 pm
my home is valued at 154,000. my mortgage balance is approximately 99,000. i have a home equity line of credit balance of 37,400 for a total of $133,700. i don't want to get any cash, all i want to do is refinance the 133,700 so that i only have 1 payment and don't have to worry about the increased interest on the line of credit equity loan.
my credit is excellent. does the 80% rule still apply?
my credit is excellent. does the 80% rule still apply?
hi jimg!
welcome to forums!
you have mentioned about 80% rule. is the property that you are talking about here located in texas?
as per the texas a6 law, if you refinance a home equity loan, it will still remain a home equity loan. a texas a6 loan cannot be done if the total mortgage financing is greater than 80% of the home's value. to know more about texas a6, check out the following link:
http://www.mortgagefit.com/texas/a6loan-law.html
feel free to ask if you have further queries.
sussane
welcome to forums!
you have mentioned about 80% rule. is the property that you are talking about here located in texas?
as per the texas a6 law, if you refinance a home equity loan, it will still remain a home equity loan. a texas a6 loan cannot be done if the total mortgage financing is greater than 80% of the home's value. to know more about texas a6, check out the following link:
http://www.mortgagefit.com/texas/a6loan-law.html
feel free to ask if you have further queries.
sussane