The state of Texas has some very interesting refinance rules. This is especially true if you want to pull out cash or equity in their home.
Two types of mortgage refinance. The first type is called a rate and term refinance. It's just if someone wants to lower their rate or change the terms of the original mortgage loan. For example, if someone has a 30-year 7% mortgage may be refinanced to 5.25%, 15-year mortgage.
In this case, they are not pulling cash out they just changed the speed and / or the term of the original loan. The "refinance boom" (2001-2004) a number of loan officers and mortgage brokers made dozens of degree and duration of the refinance, as mortgage rates fell so low.
Most people, when to refinance their loans if the market price is much lower than the current mortgage rate. A good rule of thumb is when you can save about 1% can make sense to refinance.
The second type is called Texas refinance Refinance Payment. This is when someone wants to pull out cash to the home in addition to lowering or variable or expression.
After Texas banned the ability to pull out cash to people at home, but now allows this as long as the loan meets these criteria:
80% of Texas Payout Rule: This rule states that a loan does not exceed 80% of the assessed home value.
For example, if someone at home is worth $ 100,000, the current mortgage debt than $ 50,000 equity loan can go up to $ 80,000 (80% of 100k). Thus, the borrower's net $ 30,000, less closing costs.
3% rule: This rule states that the total fee can not exceed 3% of the loan value. For example, if you make a 100K equity loan for the total fee not to exceed $ 3,000. This means, broker, title, survey, appraisal, insurance, doc / prep (everything!) does not exceed 3%. This Act was designed to protect borrowers lower loan amounts but in fact punished, making it difficult for those who have small loans to take advantage of the equity.
This is an example of regulation to the contrary, as we originally planned. So for those who are under 100K loan amount, it is very difficult to do a home equity loan state is required by law to purchase a new title policy each time a refinance. Title policies usually run 1% of the loan amount.
However, it is important to note that 3% of the Act do not apply to cash out home equity investment. So it's actually easier to do a home equity loan is a real estate investment, such as owner-occupied real estate in Texas!
12-day rule: This is one of the more specific rules. If you do a home equity loan the loan officer or mortgage broker will ask you to sign a 12-day form. This form is that the loan can not be completed until 12 days after the request. I think the state of Texas wants to be 12 full days to think about the credit!
3-day rule: Then, after waiting 12 days, we are required to wait three days before default. Not to mention a need to look out and sign the final HUD (settlement statement) 24 hours before closing.
So to make things simple: the credit can not be completed in 12 days. Then, as the HUD is prepared to address the corporate borrower (s) must review and sign the HUD 24 hours prior to closing. You can not fund the loan three full business days.
These rules are so often full 30 days to fund a loan payment in Texas.
Oh, and by the way. The final rule ... You should wait for the full 12 months of mortgage credit. So, if a Texas cash out for a year and the price goes up considerably in the home will have to wait a year before refinancing.
As a Texas mortgage loan is a mortgage professional it is important to many rules really know the rules so that everything goes smoothly for you to refinance.
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Thursday, March 15, 2012
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