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Can I refinace a HELOC in Texas?

Profile picture for robertsmith410
I have a HELOC with a fixed rate of 8.04 in Texas. The homes value is $200k and my balance is only $50,000.  I would like to take advantage of the low rates and refinance the balance with a 15 year low rate term.  I was told in Texas, when you start a HELOC, it cannot be refinance with a regular home loan.  I am not interested in a variable rate anything, thats why I locked in my rate. I just want to save some interest money if I can.
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September 28 2011 - Port Arthur
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Answers (2)

Profile picture for Dallas Ft. Worth PRO
Yes you can refinance but it has to be a HELOC refi as well.

Naima
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September 28 2011
Profile picture for Virginia Beach Homes

Let me suggest going to your local bank and speaking with someone in the mortgage division. The rulings change daily it seems and you really won't know for sure until you go to the experts. Most every bank has a mortgage division. Start with your bank since they know you and I believe you will have a better idea of what you can and can't get in a loan. Thank you for your question.

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September 28 2011
 

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Profile picture for Naima Sumner
QuestionCan I refinace a HELOC in Texas?
  • Latest answer by Naima Sumner
  • September 28 2011
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