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Cash out refinance loan in texas

Posted on: 07th Jun, 2007 05:27 am
hi,

i need a loan to refinance my single family residential property and my fico score is in the 700 – 800 range. i can provide entire documentation of all required legal papers and the like. the property is located in texas

the house was appraised about 2 years ago at $115k and need to pay off $85k. if i could get as much cash out as possible that would really help. any one willing to offer a loan for the refinance?
Hi Vaughan,

Welcome to Mortgagefit forum.

There should not be any problem with the refinance as currently there is enough equity in the house. I would like to tell you that as per laws in Texas, cash out refinance can be up to 80% of your home's value. This is known as the A6 law.

But even with this rule, you would be able to easily fulfill your requirement as 80% of 115k will be enough for paying off this existing loan. This law is important for borrowers looking to do cash out refinance in Texas.

You can have a look at this page to get more information about this law: http://www.mortgagefit.com/texas/a6loan-law.html

Colin
Posted on: 07th Jun, 2007 11:53 am
Vaughn,

What you describe is a very straigh-forward transaction. Unless there is any reason you want to share that concerns you about getting finance you should have no problem accomplishing this goal.

Ken
Posted on: 07th Jun, 2007 12:12 pm
Its been long time seen you ken , where have you been? :)
Posted on: 07th Jun, 2007 12:15 pm
Hi Vaughan,

A bit of calculations are required before you approach a lender. As you know already that, in Texas, you can refinance up to 80% of the home value. So, first of all, you need to find out how much extra cash you require and then add up this cash with the payoff amount, that is, $85K. Then you can find out if this total amount is equal to 80% of your home appraised value. I feel such a calculation will help you to proceed further with the deal. And, in case you need any information on cash-out refinance, you can go through a section on this topic or else, you can put forward your query here.

Hope this helps...

God bless you.

Samantha
Posted on: 08th Jun, 2007 01:09 am
No one seems interested in a small refinance & cash out loan in Texas. I owe $31,000 on my house valued at $70,000. I have excellent credit and I want to re-finance my $31,000 original mortgage & add about $14,000 for home improvements & bill consolidation for a total of $45,000. I've been checking & the minimum loan they want to make is $50,000.
Posted on: 20th Feb, 2009 09:02 am
Did you check out with other lenders? Lenders would always prefer to give large loans rather than giving small loans
Posted on: 23rd Feb, 2009 01:17 am
I have noticed the same thing regarding the amount of money the lenders will let you borrow. I was told $40,000 in January was the minimum. By the time middle February came around the minimum was at $70,000. I was told this by a couple of different lenders.
Posted on: 26th Mar, 2009 11:52 am
I guess, the lenders have increased the minimum loan amount that you can borrow to about $70,000. Rules regarding such things change from time to time.
Posted on: 27th Mar, 2009 08:34 pm
Rheda, your loan requirements will be better served by a bank originated mortgage loan vs typical mortgage loan conduits. Banks are able and willing to fund your loan amounts. Begin with Bank of America then check their rates/closing costs/process with Wells Fargo, Chase, etc per your local area. Many banks do not securitize your type of loan but retain them in their portfilios. A suggestion from a mortgage broker for 20 years and a banker for 5 years. Good hunting! :-)
Posted on: 11th Apr, 2009 11:42 am
I bought a house in Austin for $430K 14 months ago, paid $90K down,
5.5% interest.

Current payments $2832, including property tax and insurance.

House is 12 years old, in very good condition, with new pool on 4 acres of well-treed hill-country land. I have made improvements worth about $10K.

I make $120K per year, have about $75K in liquidatable investments, $15K in credit card debt, and a $15K car loan. FICO was around 700-750 when I bought the house.

Anyone know what my chances would be of getting getting the house refinanced at a lower rate, with about $20K cash out of the deal to do some more renovations?

[E-mail address deleted as per forum rules. Thanks.]
Posted on: 30th Apr, 2009 05:18 pm
Hi Jim!

Welcome to forums!

You'll be able to refinance the property if there is equity in it. As you have mentioned that you have taken steps to improve the property, I guess the property has equity. You can contact your current lender for refinance and check out the rates he is offering you. You can also seek a no obligation free mortgage consultation from the lenders of this community and get to know whether you'll be able to refinance it or not.

Feel free to ask if you have further queries.

Sussane
Posted on: 01st May, 2009 12:06 am
As a general guideline you can borrow up to 80% LTV or if I am reading right take cash out of $7,000. Obviously other things should be looked at. how long do you plan on staying in the home what is your current loan etc.

Gregg
"gregg@AMFLending.com"

[Email address deactivated as per forum rules. Thanks.]
Posted on: 12th Jun, 2009 01:52 pm
ONE THING I AM RUNNING INTO, ONCE A TX CASH OUT LOAN ALWAYS A TEXAS CASH OUT. MOST LENDERS DO NOT WANT TO TOUCH THEM AND IF THEY WILL THE RATES ARE HIGHER. DO NOT ROLL THINGS SUCH AS CREDIT CARDS AND DEBT INTO YOUR HOUSE, IT WILL BE THE BIGGEST MISTAKE YOU CAN MAKE IN TEXAS!
Posted on: 16th Sep, 2009 02:04 pm
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