Posted on: 17th May, 2010 10:59 am
I recently renovated my house using a renovation loan (not a home equity). Its in Texas and we refinanced our first and rolled the improvements into one loan. It has the same interest rate as a typical mortgage. Draws are in the form of a check and are made payable to me and my contractor. Does this fall into the cash out laws in Texas...once a cash out, always a cash out?
Hi michaelbwinfrey!
Welcome to forums!
As far as I can understand, your loan will be considered as a cash out loan. However, this loan will not be considered as a Texas A6 loan. I would suggest you to check out with your lender whether or not it would be considered as a cash out loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I can understand, your loan will be considered as a cash out loan. However, this loan will not be considered as a Texas A6 loan. I would suggest you to check out with your lender whether or not it would be considered as a cash out loan.
Feel free to ask if you've further queries.
Sussane