Texas Divorce Refinance: Houston, Dallas, Austin, Your City

Texas Divorce Refinance:

Refinancing a home in Texas can sometimes be problematic when pulling cash out.   There are lots of rules to consider.  Texas probably has more hoops to jump through than any other state when it comes to cash out refinancing.

For example, there’s the 80% rule which means a Texas Cash Out Loan can’t exceed 80% of the appraised amount. There’s the 3% rule that makes doing loans under 100% especially hard, and there’s the 12 day rule, the 3 day right of rescission…

The list goes on and on…

But how does one pull cash out when there’s a divorce involved?   How does one pay off an ex-spouse (or soon to be ex-spouse) in Texas when the money needed will exceed 80%.

First of all call us!  As we have lots of experience doing divorce refinances. 

However, the basic rule to any Texas Divorce Refinance is this: 

When refinancing a home to pay an ex off, the ONLY way a person can pull cash out is when the cash out only goes to the ex spouse.

  If the both parties net money (above paying off the mortgage term) then the refi is deemed a cash out loan and-you guessed it-all the cash out rules come into effect.

So as long as only one person nets money (the ex-spouse) we can go to 95%.   Otherwise, we are limited to 80%. 

 Another important note:  Your divorce must be finalized and we must have a signed divorce decree.  Refinancing without the divorce decree simply puts your ex-spouse on title since Texas is a community property state.

Remember it takes 30 days to refinance a home so even if you’re 30 -45 days out we can get started now.  Just take a look at our  mortgage closing costs and click on the green button at www.mylendingplace.com

Call us today if you live in Texas and are in need of a Texas Divorce Refinance.

If you’d like more information regarding a Texas refinance or a home equity loan please call us today! 

Austin Refinance | Dallas Refinance | Houston Refinance | El Paso Refinance

Texas FHA VA Mortgage Rates