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Refinance Without a Second Mortgage

I want to refinance but the equity is only 10%. Is there better option to avoid a second mortgage? by JulieTazmin433 from Richardson, Texas. Feb 10th 2017 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

More info needed, but in general, if you are doing a "Rate and Term" refinance, and your existing loan is at least 12 months old, then there are refinance options open to you.. however, if you are looking to do a "Cash Out" refinance, then you cannot finance 80% of your properties equity and you are only allowed to do a cash out refi once on that property.. Texas has some specific laws regarding refinancing called "Section A6".. For this reason, it's best you contact someone local.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Feb 10th 2017
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,636 contributions

Need more information. Contact a local mortgage broker in the area of your property for more information.

Feb 15th 2017
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