Profile picture for user9711852

Why does the "Texas buy out" (when you took $ out of your mortgage) effect a new refinance?

  • December 07 2012 - US
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

You are likely referring to an A6- TX Cash Out loan.  Once you do a home equity loan and receive cash back, all future refinances have to be under the A6 guidelines.  Minimum 80% loan to value, only 1 loan every 12 months, max. 3% closing cost, close at a title co office, conventional loans only are some of the major requirements.
Texas Cash Out laws are unique to TX and would suggest any A6 loan be done with a Texas lender.
  • December 07 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Outer Banks N C
It reduces the equity in your home so the new lender is less protected from a default by you.
  • December 07 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.