Refinance Texas Mortgage?
Written By: admin on December 19, 2009
6 Comments
Our current lender said in the State of Texas laws prevent us from refinancing our current mortgage until is has matured to one year. I cannot find this "law" and want to find out if anyone has any information on it. We bought the home in Dec of 2007. Our current "Note" states no prepayment penalty for full or partial payments. We have a few rate quotes in the area of 5.875% to 6%, with zero closing costs. Our current rate is 6.875%. We bought the home in Dec 07 for 5K and financed closing costs for a total loan of 3K – the appraisal (12-07) valued our home at 3K. Thank you in advance for all your help.
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Tags: closing costs, current mortgage, current rate, partial payments, prepayment penalty, quotes, state of texas, texas laws
It isn’t a law, but it may be a condition of the current mortgage you are in. Check the terms of the loan and see what it says.
You can’t afford the home you bought if you need to refinance already.
No there are no such laws, I would find another lender.
No such law. I am employed by one of the largest mortgage brokers in the country. We work with over 350 lenders to bring you the best rates and programs. I welcome the opportunity to help. Please feel free to shoot me an email anytime with any questions you may have.
Well, it isn’t a law but it’s a seasoning requirement place forward by most lenders. They usually prefer to see how borrowers have made their payments on the existing mortgage for the past 1 year and get an thought of their creditworthiness and loan payment ability.
Thanks,
Jessica,
Mortgage mentor
Mortgage Community
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