Mortgage Grapevine

A NON- Political Post from me....Texas Cash out or not?

In Texas (strange cash out laws) is it considered cash out to refi a 1st & 2nd into one loan if neither had ever been a cash out before?
by trishy1010 February 5, 2013 8:51 PM

depends on if it was a purchase money second or after the original purchase date...

--bats
by ragingbats February 6, 2013 12:52 AM

If neither loan was a Texas cash out then a refinance of those loans into one new loan would not be a Texas cash out - provided there is no cash out on that new refinance.

The second would not have been a Texas cash out if it was either a purchase money loan closed along with the first or a home improvement loan closed later.

by oldbe February 6, 2013 10:12 AM

Thanks guys.
by trishy1010 February 6, 2013 5:08 PM