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Can you please explain the Texas law on refinancing home equity loans?
Wiki User
∙ 14y ago
The laws are federal. You can find more info at http://www.occc.state.tx.us/pages/brochures/home_equity_lending.html
Wiki User
∙ 14y ago
In Texas, the law restricts the amount of equity that can be borrowed against a home to 80% of its value. If you are looking to refinance a home equity loan, the total combined loan amount cannot exceed 80% of the home's value after refinancing. Additionally, there are specific disclosures and requirements that must be followed to ensure compliance with Texas law.
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In Texas you can only borrow up to 80% of the appraised value of your home in a home equity loan. The Texas Constitution states that you must wait 1 year before you can refinance a home loan.
How can I find information about a Texas home equity loan?
Many resources are out the in finding information on a Texas home equity loan. Your best resource would be to search the web for this loan, or go to any bank in Texas, and a loan officer should be able to answer any question you might have.
In Texas if you refinance your home once as a home equity loan are you forced to have all future refinances be home equity loans also?
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You can only refinance your home for as long as only if you are eligible for another home refinancing. If your past home refinancing was good, you might be able to get another one but if you had a bad score on your past house refinancing attempt, you might have a hard time getting another one. Some online real estate school teach their students as well the essence and only when to use home refinancing as it is not always the best option for every home owner.
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